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Walgreens Boots Alliance to sell $6 billion of notes in five tranches
By Lisa Kerner
Charlotte, N.C., May 26 – Walgreens Boots Alliance Inc. is in the market with $6 billion notes in five tranches.
The notes will be due in 2018, 2021, 2023, 2026 and 2046.
BofA Merrill Lynch, HSBC Securities (USA) Inc. and UBS Investment Bank are the bookrunners.
Proceeds will be used to help fund the cash consideration payable as part of the company’s acquisition of Rite Aid Corp., to retire a portion of Rite Aid’s existing debt and for general corporate purposes.
If the merger is not consummated on or prior to the occurrence of a special mandatory redemption trigger, to be set one year after the note sale closes, Walgreens will be required to redeem the notes due in 2018, 2021 and 2023. The proceeds from the sale of the 2026 and 2046 notes would then be used for general corporate purposes.
Upon the triggering event, the 2018, 2021 and 2023 notes would be redeemed at a price equal to 101% of the total principal amount of the notes to be redeemed, plus accrued and unpaid interest.
Walgreens is a Deerfield, Ill.-based drugstore chain.
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