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Walgreen prepares massive note offering in five tranches
By Andrea Heisinger
New York, Sept. 10 - Walgreen Co. is preparing an offering of notes (Baa1/BBB/) in five tranches that will be priced later on Monday, according to a filing with the Securities and Exchange Commission.
The deal will consist of a floating-rate note due 2014 and fixed-rate notes due 2015, 2017, 2022 and 2042.
There is a change-of-control put at 101%.
Active bookrunners are Bank of America Merrill Lynch and Goldman Sachs & Co. Passive bookrunners are J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
Proceeds will be used to repay borrowings under a bridge term loan and for general corporate purposes, including the acquisition of USA Drug.
The drugstore chain is based in Deerfield, Ill.
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