Office Depot Inc. ODP, -6.24% stock rose 3.1% in Monday premarket trading after the company increased the size of its asset-based credit facility to $1.3 billion. The refinancing also extends the maturity date to April 2025. The office supply retailer has retired the term loan credit agreement that was due in 2022. Office Depot stores remain open to sell essential supplies, including cleaners and personal care products, as well as items used for home offices and home schooling. "Combined with the $87 million in cash proceeds from the Timber note maturity in January, these actions further simplify our balance sheet and reinforce our liquidity position as we navigate the current environment created by the recent global health crisis that has unfolded in our nation," said Chief Executive Gerry Smith in a statement. Office Depot has borrowed $400 million from new facility, and is using the funds along with cash on hand to pay the remaining $388 million balance on the term loan as well as $66 million in other debt. By paying off the term loan, Office Depot is saving $14 million in annual cash interest expense and $75 million in required annual amortization payments. Office Depot stock has slumped 22% over the past year while the S&P 500 index SPX, -2.32% is down 1.1% for the period.