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Blazing Star Merger Sub, Inc. announces early tender results and receipt of the requisite consents for the previously announced Tender Offer and Consent Solicitation for any and all Walgreens Boots Alliance, Inc.'s 3.600% senior notes due 2025, 2.125% senior notes due 2026, 3.450% notes due 2026, 8.125% notes due 2029, 3.200% Notes due 2030, 4.500% senior notes due 2034, 4.800% senior notes due 2044, 4.650% notes due 2046 and 4.100% Notes due 2050, and any and all of Walgreen Co.'s 4.400% notes due 2042

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Blazing Star Merger Sub, Inc. announced early tender results for Walgreens Boots Alliance (NASDAQ: WBA)'s previously announced cash tender offers and consent solicitation for multiple series of senior notes. As of the Early Tender Deadline on August 4, 2025, the company received significant participation across all note series, with tender rates ranging from 83% to 98% of outstanding principal amounts.

The tender offer is connected to WBA's pending acquisition through a merger agreement dated March 6, 2025, where Blazing Star Parent, LLC will acquire WBA. The company has received the requisite consents for proposed amendments to the indentures. The tender offer is scheduled to expire on August 18, 2025, with settlement expected on August 19, 2025, coinciding with the merger closing.

Blazing Star Merger Sub, Inc. ha annunciato i risultati preliminari dell'offerta pubblica di acquisto in contanti e della richiesta di consenso relativi a più serie di obbligazioni senior di Walgreens Boots Alliance (NASDAQ: WBA). Alla scadenza anticipata del 4 agosto 2025, la società ha ottenuto una partecipazione significativa in tutte le serie di obbligazioni, con tassi di adesione compresi tra il 83% e il 98% del capitale residuo.

L'offerta è collegata all'acquisizione in corso di WBA, prevista da un accordo di fusione datato 6 marzo 2025, con Blazing Star Parent, LLC come acquirente. La società ha ottenuto i consensi necessari per le modifiche proposte ai contratti di obbligazione. L'offerta scadrà il 18 agosto 2025, con regolamento previsto per il 19 agosto 2025, in concomitanza con la chiusura della fusione.

Blazing Star Merger Sub, Inc. anunció los resultados preliminares de la oferta pública de adquisición en efectivo y la solicitud de consentimiento para varias series de bonos senior de Walgreens Boots Alliance (NASDAQ: WBA). Al cierre anticipado el 4 de agosto de 2025, la compañía recibió una participación significativa en todas las series de bonos, con tasas de aceptación que oscilan entre el 83% y el 98% del principal pendiente.

La oferta está vinculada a la adquisición pendiente de WBA mediante un acuerdo de fusión fechado el 6 de marzo de 2025, en el que Blazing Star Parent, LLC adquirirá WBA. La compañía ha obtenido los consentimientos necesarios para las enmiendas propuestas a los contratos de bonos. La oferta vencerá el 18 de agosto de 2025, con liquidación prevista para el 19 de agosto de 2025, coincidiendo con el cierre de la fusión.

Blazing Star Merger Sub, Inc.Walgreens Boots Alliance (NASDAQ: WBA)가 이전� 발표� 현금 공개 매수 � 다수� 선순� 채권 시리즈에 대� 동의 요청� 초기 매수 결과� 발표했습니다. 2025� 8� 4� 조기 매수 마감 시점� 회사� 모든 채권 시리즈에� 상당� 참여� 받았으며, 매수 비율은 미상� 원금� 83%에서 98% 사이옶습니�.

이번 매수 제안은 2025� 3� 6일자 합병 계약� 통한 WBA� 인수와 관련되� 있으�, Blazing Star Parent, LLC가 WBA� 인수� 예정입니�. 회사� 약관 변경을 위한 필요� 동의� 확보했습니다. 매수 제안은 2025� 8� 18�� 만료� 예정이며, 합병 종료와 맞물� 2025� 8� 19�� 결제가 이루어질 예정입니�.

Blazing Star Merger Sub, Inc. a annoncé les résultats préliminaires de l'offre publique d'achat en numéraire et de la sollicitation de consentement concernant plusieurs séries d'obligations senior de Walgreens Boots Alliance (NASDAQ : WBA). À la date limite anticipée du 4 août 2025, la société a enregistré une participation significative sur toutes les séries d'obligations, avec des taux d'acceptation allant de 83 % à 98 % des montants principaux en circulation.

L'offre est liée à l'acquisition en cours de WBA, selon un accord de fusion daté du 6 mars 2025, par lequel Blazing Star Parent, LLC acquerra WBA. La société a obtenu les consentements requis pour les modifications proposées aux contrats d'obligations. L'offre expirera le 18 août 2025, avec un règlement prévu le 19 août 2025, coïncidant avec la clôture de la fusion.

Blazing Star Merger Sub, Inc. gab die vorläufigen Ergebnisse des frühzeitigen Angebots für die zuvor angekündigten Barangeboten und Zustimmungsanfragen von Walgreens Boots Alliance (NASDAQ: WBA) für mehrere Serien von Senior Notes bekannt. Bis zum Frühzeitigen Angebotsfrist am 4. August 2025 erhielt das Unternehmen eine erhebliche Beteiligung bei allen Anleihenserien, mit Annahmeraten von 83 % bis 98 % der ausstehenden Hauptbeträge.

Das Angebot steht im Zusammenhang mit WBAs ausstehender Übernahme durch einen Fusionsvertrag vom 6. März 2025, bei dem Blazing Star Parent, LLC WBA übernehmen wird. Das Unternehmen hat die erforderlichen Zustimmungen für die vorgeschlagenen Änderungen der Schuldverschreibungsbedingungen erhalten. Das Angebot läuft am 18. August 2025 ab, die Abwicklung ist für den 19. August 2025 geplant, zeitgleich mit dem Abschluss der Fusion.

Positive
  • High participation rates across all note series with 83-98% of outstanding principal amounts tendered
  • Successful receipt of requisite consents for all proposed amendments to indentures
  • Structured timing to align settlement with merger closing, streamlining the process
Negative
  • Remaining non-tendered notes may be subject to mandatory redemption or defeasance post-merger
  • Holders who don't tender will lose certain covenant protections once amendments become operative

Insights

Majority of WBA bondholders accepted Blazing Star's tender offer, enabling merger to proceed with modified debt terms.

The early tender results for Walgreens Boots Alliance's (WBA) notes show substantial bondholder participation across all ten series of notes being solicited. Blazing Star Merger Sub has successfully received the requisite consents to amend the bond indentures, with acceptance rates ranging from 78% to 98% across different note series.

This high participation rate indicates strong bondholder confidence in the pending acquisition of WBA by Blazing Star Parent. The tender offer is directly tied to the merger announced on March 6, 2025, and represents a critical milestone in the transaction process. With supplemental indentures now executed, the Proposed Amendments will become operative once Blazing Star accepts and pays for the tendered notes.

Most significantly, the successful consent solicitation gives the acquirer enhanced flexibility by removing restrictive covenants from the remaining bonds, allowing them to either redeem outstanding notes after closing or leave them outstanding with modified terms. This prevents holdout bondholders from potentially complicating the transaction.

The tender offer expires August 18, 2025, though Blazing Star indicates it will likely extend this deadline to align with the merger closing. With over $4.3 billion in USD-denominated notes alone tendered, plus substantial GBP and EUR notes, this represents a significant liability restructuring as part of the broader WBA acquisition.

NEW YORK, Aug. 5, 2025 /PRNewswire/ -- Blazing Star Merger Sub, Inc. (the "Offeror" announced today the results as of the Early Tender Deadline (as defined below) for (A) the previously announced cash tender offers (each, an "Offer" and, collectively, the "Tender Offer") for any and all of Walgreens Boots Alliance, Inc.'s (NASDAQ: WBA) ("WBA") outstanding (1) 3.600% senior notes due 2025 (the "2025 Notes"), (2) 2.125% senior notes due 2026 (the "2.125% 2026 Notes"), (3) 3.450% notes due 2026 (the "3.450% 2026 Notes"), (4) 8.125% notes due 2029 (the "2029 Notes"), (5) 3.200% notes due 2030 (the "2030 Notes"), (6) 4.500% senior notes due 2034 (the "2034 Notes"), (7) 4.800% senior notes due 2044 (the "2044 Notes"), (8) 4.650% notes due 2046 (the "2046 Notes") and (9) 4.100% notes due 2050 (the "2050 Notes"), and any and all of Walgreen Co.'s (collectively with WBA, the "Company") 4.400% notes due 2042 (the "2042 Notes" and, together with the 2025 Notes, the 2.125% 2026 Notes, 3.450% 2026 Notes, the 2029 Notes, the 2030 Notes, the 2034 Notes, the 2044 Notes, the 2046 Notes, and the 2050 Notes, the "Notes"), and (B) the previously announced solicitation of consents (the "Consent Solicitation") (i) from holders of the 2025 Notes, the 2.125% 2026 Notes, the 2034 Notes and the 2044 Notes to certain proposed amendments to the indenture, dated as of November 18, 2014, by and between WBA and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as trustee (the "Trustee") (the "2014 Indenture"); (ii) from holders of the 3.450% 2026 Notes, the 2029 Notes, the 2030 Notes, the 2046 Notes and the 2050 Notes to certain proposed amendments to the indenture, dated as of December 17, 2015, by and between WBA and the Trustee (as supplemented by the First Supplemental Indenture dated as of October 13, 2021, the "2015 Indenture"); and (iii) from holders of the 2042 Notes to certain proposed amendments to the indenture, dated as of July 17, 2008, by and between Walgreen Co. and the Trustee (the "2008 Indenture" and, together with the 2014 Indenture and the 2015 Indenture, the "Indentures") (such proposed amendments are collectively referred to as the "Proposed Amendments" and such consents being solicited are each a "Consent" and collectively, the "Consents").

The Tender Offer and Consent Solicitation are being made in connection with, and are expressly conditioned upon the substantially concurrent closing of the acquisition of WBA pursuant to the agreement and plan ‎of merger, dated March 6, 2025 (as amended, supplemented, waived or otherwise modified from time to ‎time, the "Merger Agreement"), by and among WBA, Blazing Star Parent, LLC (the "Parent"), the ‎Offeror and the other affiliates of the Parent named therein, which provides that the Offeror will merge with and into WBA (the "Merger"), with WBA surviving the Merger as a wholly-owned subsidiary of Parent.

The terms and conditions of the Tender Offer and Consent Solicitation are described in the Offer to Purchase and Consent Solicitation Statement relating to the Notes dated as of July 22, 2025 (as amended or supplemented from time to time, the "Offer to Purchase and Consent Solicitation Statement").

As of the early tender deadline of 5:00 p.m., New York City time, on August 4, 2025 (the "Early Tender Deadline"), according to information provided by Global Bondholder Services Corporation, the depositary and information agent (the "Depositary and Information Agent") for the Tender Offer and Consent Solicitation, the table below outlines the principal amount of the Notes validly tendered and not validly withdrawn as of the Early Tender Deadline. In addition, requisite Consents with respect to each series of Notes have been received in the Consent Solicitation. The supplemental indentures reflecting the Proposed Amendments have been executed and the Proposed Amendments relating to a series of Notes will become operative upon the Offeror's acceptance for purchase of not less than a majority in aggregate principal amount of the outstanding Notes of such series and payment therefor, pursuant to the Offer to Purchase and Consent Solicitation Statement.

The Withdrawal Deadline of 5:00 p.m., New York City time, on August 4, 2025 (the "Withdrawal Deadline"), has expired and any Notes tendered after the Withdrawal Deadline may not be withdrawn. Any Notes tendered prior to the Early Tender Deadline are eligible to receive the Total Consideration (as defined in the Offer to Purchase and Consent Solicitation Statement). Any Notes tendered after the Early Tender Deadline, but at or prior to the Expiration Time, will be eligible to receive the Tender Offer Consideration (as defined in the Offer to Purchase and Consent Solicitation Statement).

Title of Notes

CUSIP/ISIN(1)

Outstanding Principal Amount

Aggregate Principal Amount Tendered

3.600% Notes due 2025

ISIN: XS1138359663

GBP£300,000,000

GBP£265,191,000

2.125% Notes due 2026

ISIN: XS1138360166

EUR�750,000,000

EUR�689,680,000

3.450% Notes due 2026

CUSIP: 931427AQ1

ISIN: US931427AQ19

US$1,447,286,000

US$1,134,041,000

8.125% Notes due 2029

CUSIP: 931427AW8

ISIN:

US931427AW86

US$750,000,000

US$716,890,000

3.200% Notes due 2030

CUSIP:

931427AS7

ISIN: US931427AS74

US$500,000,000

US$416,949,000

4.500% Notes due 2034

CUSIP: 931427AB4

ISIN:US931427AB40

US$303,296,000

US$271,340,000

4.400% Notes due 2042 (Walgreen Co.)

CUSIP: 931422AK5

ISIN: US931422AK51

US$239,422,000

US$209,751,000

4.800% Notes due 2044

CUSIP: 931427AC2

ISIN: US931427AC23

US$659,683,000

US$623,140,000

4.650% Notes due 2046

CUSIP: 931427AR9

ISIN: US931427AR91

US$298,616,000

US$291,077,000

4.100% Notes due 2050

CUSIP: 931427AT5

ISIN: US931427AT57

US$640,372,000

US$628,051,000

(1) TheCUSIP numbers and ISIN numbers referenced in this press release are included solely for the convenience of holders. None of the Offeror, the Company, the Trustee (in any of its capacities), the Dealer Manager, the Depositary and Information Agent and their respective affiliates shall be held responsible for the selection or use of the referenced CUSIP numbers and ISIN numbers, and no representation is made as to the correctness of any CUSIP number or ISIN number on the Notes or as indicated in this press release or any other document.

General Information

The Offeror's obligations to complete the Tender Offer and Consent Solicitation are subject to and conditioned upon the following having occurred or having been waived by us with respect to such Offer: (1) the satisfaction of the Merger Condition, and (2) the satisfaction of the General Conditions (each as described in the Offer to Purchase and Consent Solicitation Statement). Each Offer and Consent Solicitation is a separate offer and are not conditioned on any other Offer or Consent Solicitation. There can be no assurance that either of the Tender Offer or Consent Solicitation will be consummated. The Offeror may amend, extend or terminate the Tender Offer and Consent Solicitation, in its sole discretion.

The Offeror intends to fund the Total Consideration (inclusive of the Early Tender Payment) and the Tender Offer Consideration (including, in each case, accrued and unpaid interest), plus all related fees and expenses, using proceeds from the financing transactions to fund the Merger. Notes that are tendered and accepted in the Offer will cease to be outstanding and will be cancelled.

The Tender Offer and Consent Solicitation remain scheduled to expire at 11:59 p.m., New York City time, on August 18, 2025, unless extended or earlier terminated by the Offeror in its sole discretion (the "Expiration Time"). The "Settlement Date" for the Tender Offer will be August 19, 2025, unless extended or earlier terminated. The Offeror intends to extend the Expiration Time, without extending the Withdrawal Deadline (unless required by law), to have the Settlement Date coincide with the closing of the Merger.

Any Notes not tendered and purchased pursuant to the Tender Offer will remain outstanding. If the Consents are received with respect to a series of Notes, and the Proposed Amendments become operative with respect to the Indenture for such series of Notes, then the applicable Notes that are not purchased pursuant to the Tender Offer will be subject to the Proposed Amendments.

To the extent any Notes remain outstanding, the Parent may cause the Company to redeem such Notes after the closing of the Merger and the consummation of the Tender Offer in accordance with the terms of the Indentures as amended by the Proposed Amendments, as applicable. Alternatively, the Parent may cause the Company to defease such Notes, in which case holders of such Notes will continue to receive interest payment on each scheduled interest payment date and principal on the stated maturity date but will not benefit from any restrictive covenants and such Notes will not be subject to any change of control offer in connection with the Merger. Finally, the Parent may leave outstanding any outstanding Notes after the closing of the Merger and the consummation of the Tender Offer. The Parent has the right to make any and all decisions with respect to any outstanding Notes in its sole discretion, subject to compliance with the terms of the agreements governing its indebtedness.

Citigroup Global Markets Inc. has been retained as the Dealer Manager in connection with the Offers and the Consent Solicitation. In their capacity as Dealer Manager, the Dealer Manager may contact holders regarding the Offer and the Consent Solicitation and may request brokers, dealers, commercial banks, trust companies and other nominees to forward this Offer to Purchase and Consent Solicitation Statement and related materials to beneficial owners of Notes. Requests for documents may be directed to Global Bondholder Services Corporation, the Depositary and Information Agent at: +1 (855) 654 2015 or [email protected]. Questions about the Tender Offer and the Consent Solicitation may be directed to Citigroup Global Markets Inc. at (800) 558-3745.

This press release is for informational purposes only. The Tender Offer and Consent Solicitation are being made solely by the Offer to Purchase and Consent Solicitation Statement. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. The Tender Offer and Consent Solicitation are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offer or Consent Solicitation to be made by a licensed broker or dealer, the Tender Offer and Consent Solicitation will be deemed to be made on behalf of the Offeror by the Dealer Manager and Solicitation Agent, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

None of the Offeror, the Company, the Trustee (in any of its capacities), the Depositary and Information Agent, the Dealer Manager and Solicitation Agent or any of their respective affiliates makes any recommendation as to whether holders should tender or refrain from tendering their Notes, and no person or entity has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender Notes and, if so, the principal amount of the Notes to tender.

Forward-Looking Statements

This press release and certain statements made from time to time by us, the Company and our and ‎their respective representatives contain or incorporate by reference certain "forward-looking statements" within ‎the meaning of the federal securities laws. All statements other than statements of historical facts are forward-looking statements. In many cases, you can identify forward-looking statements by terms such ‎as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," ‎�"believe," "estimate," "predict," "potential" or "continue" or other similar words. These forward-looking ‎statements are only predictions. These statements relate to future events and ‎involve known and unknown risks, uncertainties and other important factors that may cause the ‎actual outcomes to materially differ from those expressed or implied by these forward-looking statements. New factors ‎could emerge from time to time and it is not possible for us to predict all such factors. Because forward-looking ‎statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, ‎you should not rely on these forward-looking statements as guarantees of future events. These forward-looking ‎statements speak only as of the date made and are not guarantees of future performance of results. We expressly ‎disclaim any obligation or undertaking to release any updates or revisions to any forward-looking statement ‎contained or incorporated by reference herein to reflect any change in expectations with regard thereto or any ‎change of events, conditions or circumstances on which any such statement was based, except as required by law.�

SOURCE Blazing Star Merger Sub, Inc.

FAQ

What are the early tender results for Walgreens Boots Alliance's (WBA) 2025 notes?

For the 3.600% Notes due 2025, ҵ£265,191,000 out of GBP£300,000,000 outstanding principal amount was tendered by the Early Tender Deadline.

When is the expiration date for WBA's tender offer?

The tender offer is scheduled to expire at 11:59 p.m., New York City time, on August 18, 2025, unless extended or terminated earlier.

What happens to WBA notes that are not tendered in the offer?

Non-tendered notes may be subject to redemption, defeasance, or left outstanding after the merger closing, and will be subject to the proposed amendments if consents are received.

How is Blazing Star funding the WBA tender offer?

The tender offer will be funded using proceeds from the financing transactions that are being used to fund the merger with WBA.

Can holders withdraw their tendered WBA notes?

No, the withdrawal deadline expired at 5:00 p.m., New York City time, on August 4, 2025, and tendered notes can no longer be withdrawn.
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