Walgreens Boots Alliance, Inc.: debt financing — WBA enters $1B delayed draw term loan and $2.25B revolver; terminates prior facilities

Walgreens Boots Alliance, Inc.

Entered $1B delayed draw term loan (draws through Dec 31, 2023) and $2.25B 3-year revolving credit facility on Aug 9, 2023.
Revolver matures Aug 9, 2026; delayed draw loan matures 3 years after initial funding.
Covenant restricts Consolidated Debt to Total Capitalization ≤ 0.60:1.00, subject to increase in certain circumstances.
Terminated existing 18-month revolver (June 2022) and 364-day revolver (March 2023); all obligations paid in full.
Borrowings bear interest at Alternate Base Rate, Term SOFR, or Daily SOFR plus margin based on credit ratings.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Walgreens Boots Alliance, Inc. incurred credit facility of $1,000,000,000 with Bank of America, N.A., as administrative agent at alternate base rate, the term SOFR rate or the daily SOFR rate, plus an applicab maturing three years after the initial funding of the loans (if any) under the agreement.

Instrument: credit facility
Principal: $1,000,000,000
Counterparty: Bank of America, N.A., as administrative agent
Rate: alternate base rate, the term SOFR rate or the daily SOFR rate, plus an applicab
Maturity: three years after the initial funding of the loans (if any) under the agreement
Event: incurrence

Exact text from the filing

On August 9, 2023 (the “Signing Date”), Walgreens Boots Alliance, Inc. (the “Company”) entered into a three-year $1,000,000,000 delayed draw term loan credit agreement (the “Delayed Draw Credit Agreement”) with the lenders from time to time party thereto and Bank of America, N.A., as administrative agent.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Walgreens Boots Alliance, Inc. incurred revolving credit of $2,250,000,000 with Bank of America, N.A., as administrative agent and swing line lender at alternate base rate, the term SOFR rate or the daily SOFR rate, plus an applicab maturing three years after the Signing Date.

Instrument: revolving credit
Principal: $2,250,000,000
Counterparty: Bank of America, N.A., as administrative agent and swing line lender
Rate: alternate base rate, the term SOFR rate or the daily SOFR rate, plus an applicab
Maturity: three years after the Signing Date
Event: incurrence

Exact text from the filing

On August 9, 2023, the Company also entered into a $2,250,000,000 three-year revolving credit agreement (the “Revolving Credit Agreement”, together with the Delayed Draw Credit Agreement, the “Credit Agreements”) with the designated borrowers from time to time party thereto, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent and swing line lender.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Walgreens Boots Alliance, Inc. entered into Delayed Draw Credit Agreement with Bank of America, N.A., as administrative agent, and the lenders from time to time party thereto valued at $1,000,000,000 (effective 2023-08-09).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, and the lenders from time to time party thereto
Value: $1,000,000,000
Effective: 2023-08-09

Exact text from the filing

On August 9, 2023 (the “Signing Date”), Walgreens Boots Alliance, Inc. (the “Company”) entered into a three-year $1,000,000,000 delayed draw term loan credit agreement (the “Delayed Draw Credit Agreement”) with the lenders from time to time party thereto and Bank of America, N.A., as administrative agent.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Walgreens Boots Alliance, Inc. terminated Eighteen-Month Revolving Credit Agreement with Wells Fargo Bank, National Association, as administrative agent and swing line lender, and the lenders from time to time party thereto (effective 2023-08-09).

Action: termination
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent and swing line lender, and the lenders from time to time party thereto
Effective: 2023-08-09

Exact text from the filing

Simultaneously with the entry into the Revolving Credit Agreement, the Company has terminated (i) the Eighteen-Month Revolving Credit Agreement, dated as of June 17, 2022, among the Company, the designated borrowers from time to time party thereto, the lenders from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent and swing line lender

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Walgreens Boots Alliance, Inc. entered into Revolving Credit Agreement with Bank of America, N.A., as administrative agent and swing line lender, and the lenders from time to time party thereto valued at $2,250,000,000 (effective 2023-08-09).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent and swing line lender, and the lenders from time to time party thereto
Value: $2,250,000,000
Effective: 2023-08-09

Exact text from the filing

On August 9, 2023, the Company also entered into a $2,250,000,000 three-year revolving credit agreement (the “Revolving Credit Agreement”, together with the Delayed Draw Credit Agreement, the “Credit Agreements”) with the designated borrowers from time to time party thereto, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent and swing line lender.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Walgreens Boots Alliance, Inc. terminated 364-Day Revolving Credit Agreement with Mizuho Bank, Ltd., as administrative agent, and the lenders from time to time party thereto (effective 2023-08-09).

Action: termination
Agreement: credit facility
Counterparty: Mizuho Bank, Ltd., as administrative agent, and the lenders from time to time party thereto
Effective: 2023-08-09

Exact text from the filing

and (ii) the 364-Day Revolving Credit Agreement, dated as of March 2, 2023, among the Company, the lenders from time to time party thereto and Mizuho Bank, Ltd., as administrative agent.

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-23-207773

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