Final Results of Blazing Star's Tender Offer for Walgreens Notes Released
Blazing Star Merger Sub, Inc. Announces Final Results of Tender Offer
In a significant update for investors and market analysts, Blazing Star Merger Sub, Inc. disclosed today the results of its previously announced cash tender offers and consent solicitation for Walgreens Boots Alliance, Inc.'s extensive array of outstanding senior notes. This announcement was made as of the cutoff time of 5:00 PM New York City time on August 27, 2025. The tender offer includes several notes with varying maturities and interest rates, showcasing the company's commitment to completing its merger with Walgreens.
The tender offers were part of a strategic plan connected to the merger agreement established on March 6, 2025, between Walgreens Boots Alliance and Blazing Star Parent, LLC. This agreement entails Blazing Star Sub merging with Walgreens, allowing Walgreen's operations to continue under the new parent company.
As the dust settles after this tender offer, market data from Global Bondholder Services Corporation—acting as the depositary and information agent—demonstrates a robust response from bondholders. The specifics of the financial commitments are noteworthy, as detailed below, indicating the amounts that were validly tendered:
| Title of Notes | CUSIP/ISIN | Outstanding Principal Amount | Aggregate Principal Amount Tendered |
|---|---|---|---|
| ------- | ----- | ------ | ------- |
| 3.600% Notes due 2025 | XS1138359663 | GBP£300,000,000 | GBP£266,391,000 |
| 2.125% Notes due 2026 | XS1138360166 | EUR€750,000,000 | EUR€692,780,000 |
| 3.450% Notes due 2026 | US931427AQ19 | US$1,447,286,000 | US$1,138,346,000 |
| 8.125% Notes due 2029 | US931427AW86 | US$750,000,000 | US$719,345,000 |
| 3.200% Notes due 2030 | US931427AS74 | US$500,000,000 | US$425,217,000 |
| 4.500% Notes due 2034 | US931427AB40 | US$303,296,000 | US$271,893,000 |
| 4.400% Notes due 2042 (Walgreen) | US931422AK51 | US$239,422,000 | US$211,165,000 |
| 4.800% Notes due 2044 | US931427AC23 | US$659,683,000 | US$638,970,000 |
| 4.650% Notes due 2046 | US931427AR91 | US$298,616,000 | US$291,890,000 |
| 4.100% Notes due 2050 | US931427AT57 | US$640,372,000 | US$630,167,000 |
The merger itself remains contingent upon the successful closing of various conditions outlined in the Offer to Purchase and the Consent Solicitation Statement. Citigroup Global Markets Inc. serves as the Dealer Manager for this tender offer, reinforcing the commitment to a systematic and transparent approach towards the merger and the corresponding financial implications.
It’s important to note that the closing of the Tender Offer is expected to be finalized by August 28, 2025, overcoming existing hurdles as detailed in the initial announcement dated July 22, 2025.
A Look Ahead
As companies navigate the complexities of mergers and acquisitions, such thorough tender offers represent not only a strategic maneuver for financial stability but also a necessary engagement with investors whose support is crucial for success. Investors should keep a close watch on the outcomes of this offer and the subsequent impact on Walgreens' shares in the coming weeks.
In conclusion, these developments signal a significant shift in the capital structure of Walgreens Boots Alliance as it aligns itself under new management with Blazing Star Parent, LLC, potentially positioning the company for long-term growth amid an evolving retail landscape.
Topics Financial Services & Investing）
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