Sycamore Partners’ $5.4 billion refinancing of Staples is a “credit agreement written on a cocktail napkin,” industry observers say. : (Bloomberg)—Stefan Kaluzny has made a ton of money -- and drawn his share of critics -- buying down-on-the-heels retailers using lots of debt. Now, Kaluzny’s Sycamore Partners is under scrutiny again, after completing a deal that left even seasoned leveraged-buyout experts agog. On Tuesday, Sycamore pulled off a $5.4 billion refinancing of Staples Inc., which it bought in 2017, that funded a staggering $1 billion dividend to the private equity firm.