Related Issuers
by Pankti Antani
Jul 16, 2025 8:42 AM ET
Boots Group Finco LP/The Boots Group Luxco Sarl (BOOTSFN) US$2bn equivalent 144A/Reg S sr sec notes 2-part. B1/B+/BB (stable/stable/stable). Via GS (B&D EUR & GBP)/UBS (B&D US$) jt physical books/JPM/Citi/DB/WFS/Mizuho/PNC/RBC/CIBC/Citizens/Scotia/TD/BNP/FITB/TSI/USB jt books. No reg rights. List ISE. NY law.
- Minimum US$750m (from US$750m) equivalent in EUR due 2032 (7y). NC3 (MWC B+50bp). Equity claw:3y 40%. Special call: 10% per year the first 3 years at 103. CoC at 101. Denoms: 100x1. IPT: 6.00% area. Revised IPT: 5.75%-6.00%.
- Minimum US$500m (from US$750m) equivalent in GBP due 2032 (7y). NC3 (MWC G+50bp). Equity claw:3y 40%. Special call: 10% per year the first 3 years at 103. CoC at 101. Denoms: 100x1. IPT: 8.00% area. Revised IPT: 7.75%-8.00%.
Dropped: US$500m due 2032 (7y). NC3 (MWC T+50bp). Equity claw:3y 40%. Special call: 10% per year the first 3 years at 103. CoC at 101. Denoms: 200x1. IPT: Mid-high 7s.
Did investor call at 2pm UKT/9am NYT 07/15. Now pricing on 07/18, concurrently with the term loan, originally pricing 07/22. UOP: along with US$2.25bn equivalent (US$750m, US$1bn equivalent in EUR, and US$500m equivalent in GBP) sr sec term loans, and US$1.2bn pfd equity via Goldentree, to fund the LBO of Boots, which will be spun off from Walgreens Boots Alliance (WBA) by Sycamore Partners for US$11.45 per share and one divested asset proceeds right (up to $3 per DAP right (or approx $2.7bn total) from the future monetization of VillageMD Business) for $10bn equity value or a potential total value of up to $23.7bn, including net debt and opioid settlements. Sycamore will contribute US$2.5bn in equity. Biz: UK based pharmacy chain. (Acquisition announced 03/06/25).
Netroadshow direct link: https://urldefense.com/v3/__https:/www.netroadshow.com/nrs/home/*!/?show=4bad713c__;Iw!!O2kDR7mm-zSJ!p15OEkS-zfiqY6i4rcDyYdWZJg-8-EBKHRzujEPaZtlJQx-GRFJAbMJv4a0TOd2AHVJBQ3bQEbwCzx8$. Access code: 2025-Boots.