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NEW YORK - Blazing Star Merger Sub, Inc. announced Thursday the extension of its tender offer and consent solicitation for Walgreens Boots Alliance, Inc.’s (NASDAQ:WBA) outstanding notes to August 26, 2025, with settlement now scheduled for August 28. The healthcare retail giant, currently valued at $10.56 billion with annual revenues of $154.58 billion, has seen its stock rise over 30% year-to-date according to InvestingPro data.
The deadline, previously set to expire today, has been extended to align the settlement date with the closing of Blazing Star’s pending acquisition of Walgreens, according to the company’s press release. The withdrawal deadline of August 4 has already passed and remains unchanged.
The tender offer targets all outstanding senior notes across multiple series with various maturity dates ranging from 2025 to 2050. Current tender participation rates are high, with approximately £266 million of the £300 million 3.600% notes due 2025 already tendered, along with €692 million of the €750 million 2.125% notes due 2026.
U.S. dollar-denominated notes have also seen strong participation, with $718 million of the $750 million 8.125% notes due 2029 and $629 million of the $640 million 4.100% notes due 2050 tendered.
The offer includes consent solicitations for amendments to the indentures governing the notes. These amendments would modify certain provisions in the indentures dated 2008, 2014, and 2015.
The tender offer remains contingent upon the closing of the merger agreement dated March 6, 2025, under which Blazing Star Parent, LLC will acquire Walgreens Boots Alliance.
Citigroup Global Markets Inc. is serving as dealer manager for the offers. The company noted that any notes not tendered may be redeemed, defeased, or left outstanding after the merger closes, subject to compliance with debt agreements.
The information is based on a press release statement from Blazing Star Merger Sub, Inc.
In other recent news, Walgreens Boots Alliance has seen significant developments. The company’s shareholders have approved its acquisition by Sycamore Partners, with 96% voting in favor. This transaction will provide shareholders with $11.45 per share in cash, plus a potential additional $3.00 per share from future asset sales. In connection with this merger, Walgreens announced a temporary blackout period for its employee retirement savings plans. This will involve the removal of the WBA Stock Fund as an investment option, with assets being reinvested in age-aligned target date funds.
Additionally, Blazing Star Merger Sub, Inc. has extended the tender offer expiration date for Walgreens’ outstanding notes to August 21, 2025, with settlement expected by August 26, 2025. The pricing details for the tender offers have also been announced, covering multiple series of notes with maturities from 2025 to 2050. Furthermore, Walgreens Specialty Pharmacy has expanded its limited distribution drug network to include 265 products. These recent developments mark a period of significant change and strategic moves for Walgreens Boots Alliance.
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