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Blazing Star Merger Sub, Inc. announces pricing terms 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. has announced pricing terms for tender offers for Walgreens Boots Alliance's (NASDAQ: WBA) multiple series of senior notes, including notes due from 2025 to 2050, and Walgreen Co.'s 2042 notes. The tender offers are part of WBA's previously announced merger agreement with Blazing Star Parent, LLC.

The early tender results show significant participation across all note series, with the total consideration ranging from £997.73 to £1,074.10 per £1,000 principal amount. The tender offer expires on August 18, 2025, with settlement scheduled for August 19, 2025. Requisite consents have been received for all note series, and supplemental indentures have been executed.

Blazing Star Merger Sub, Inc. ha annunciato le condizioni di prezzo per le offerte di acquisto relative a diverse serie di obbligazioni senior di Walgreens Boots Alliance (NASDAQ: WBA), comprese quelle con scadenza dal 2025 al 2050, oltre alle obbligazioni 2042 di Walgreen Co. Le offerte di acquisto fanno parte dell'accordo di fusione precedentemente annunciato tra WBA e Blazing Star Parent, LLC.

I risultati preliminari delle offerte mostrano una partecipazione significativa in tutte le serie di obbligazioni, con un corrispettivo totale che varia da £997,73 a £1.074,10 per ogni £1.000 di valore nominale. L'offerta scade il 18 agosto 2025, con regolamento previsto per il 19 agosto 2025. Sono stati ottenuti tutti i consensi necessari per ogni serie di obbligazioni e sono stati eseguiti i supplementi agli indenture.

Blazing Star Merger Sub, Inc. ha anunciado los términos de precio para las ofertas de compra de varias series de notas senior de Walgreens Boots Alliance (NASDAQ: WBA), incluyendo notas con vencimiento entre 2025 y 2050, así como las notas 2042 de Walgreen Co. Las ofertas forman parte del acuerdo de fusión previamente anunciado entre WBA y Blazing Star Parent, LLC.

Los resultados preliminares muestran una participación significativa en todas las series de notas, con una contraprestación total que varía entre £997.73 y £1,074.10 por cada £1,000 de valor nominal. La oferta vence el 18 de agosto de 2025, con liquidación programada para el 19 de agosto de 2025. Se han recibido los consentimientos requeridos para todas las series de notas y se han ejecutado los suplementos al contrato.

Blazing Star Merger Sub, Inc.Walgreens Boots Alliance (NASDAQ: WBA)� 2025년부� 2050년까지 만기� 여러 시리즈의 선순� 채권� Walgreen Co.� 2042� 채권� 대� 공개 매수 가� 조건� 발표했습니다. 이번 공개 매수� WBA와 Blazing Star Parent, LLC 간에 이전� 발표� 합병 계약� 일환입니�.

조기 공개 매수 결과� 모든 채권 시리즈에 걸쳐 상당� 참여� 보여주었으며, � 대가� £1,000 액면가� £997.73에서 £1,074.10 사이입니�. 공개 매수� 2025� 8� 18�� 만료되며, 결제� 2025� 8� 19�� 예정되어 있습니다. 모든 채권 시리즈에 대� 필요� 동의가 확보되었으며, 추가 약정서가 체결되었습니�.

Blazing Star Merger Sub, Inc. a annoncé les conditions de prix pour les offres de rachat concernant plusieurs séries d'obligations senior de Walgreens Boots Alliance (NASDAQ : WBA), incluant des obligations arrivant à échéance entre 2025 et 2050 ainsi que les obligations 2042 de Walgreen Co. Ces offres font partie de l'accord de fusion précédemment annoncé entre WBA et Blazing Star Parent, LLC.

Les résultats préliminaires des offres montrent une participation significative sur toutes les séries d'obligations, avec une contrepartie totale allant de £997,73 à £1 074,10 par tranche nominale de £1 000. L'offre expire le 18 août 2025, avec un règlement prévu pour le 19 août 2025. Les consentements requis ont été obtenus pour toutes les séries d'obligations et des avenants aux contrats ont été signés.

Blazing Star Merger Sub, Inc. hat die Preisbedingungen für Übernahmeangebote für mehrere Serien von Senior Notes von Walgreens Boots Alliance (NASDAQ: WBA) bekannt gegeben, darunter Notes mit Fälligkeiten von 2025 bis 2050 sowie die 2042er Notes von Walgreen Co. Die Übernahmeangebote sind Teil der zuvor angekündigten Fusionsvereinbarung zwischen WBA und Blazing Star Parent, LLC.

Die vorläufigen Ergebnisse der Übernahmeangebote zeigen eine bedeutende Beteiligung über alle Notenserien hinweg, mit einer Gesamtabfindung zwischen £997,73 und £1.074,10 pro £1.000 Nennbetrag. Das Übernahmeangebot läuft am 18. August 2025 ab, die Abwicklung ist für den 19. August 2025 geplant. Die erforderlichen Zustimmungen für alle Notenserien wurden eingeholt und ergänzende Schuldverschreibungsverträge wurden ausgeführt.

Positive
  • None.
Negative
  • Notes not tendered will be subject to amended terms after merger completion
  • Remaining noteholders may face forced redemption or defeasance after merger closing

Insights

Walgreens' acquisition proceeds with bond tender offers receiving strong participation from creditors as transaction nears completion.

The tender offer for Walgreens Boots Alliance's bonds is showing strong participation rates, with holders of 85-98% of principal amounts across various note series tendering their securities ahead of the merger closing. This substantial creditor participation demonstrates confidence in the transaction structure and pricing terms. The pricing information reveals modest premiums or slight discounts to par value depending on the note series, with the 8.125% 2029 Notes commanding the highest premium at $1,074.10 per $1,000 principal amount.

The tender offer is strategically timed to coincide with the closing of Blazing Star's acquisition of Walgreens, which was initially announced in March 2025. By securing required bondholder consents, the acquiring entity has successfully amended bond indentures, giving them flexibility for post-merger capital structure decisions. They've explicitly preserved three options for any non-tendered notes: redemption, defeasance, or simply leaving them outstanding.

The pricing spread details provided in the announcement reflect current interest rate conditions, with spreads ranging from 0 to 50 basis points over reference securities. This tender offer effectively streamlines the post-merger debt structure by consolidating most of WBA's outstanding notes ahead of the transaction closing, simplifying future capital management for the acquirer while providing bondholders a clear exit opportunity at predetermined prices.

NEW YORK, Aug. 5, 2025 /PRNewswire/ -- Blazing Star Merger Sub, Inc. (the "Offeror" announced today the pricing for 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 related solicitation of consents (the "Consent Solicitation").

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").

The table below outlines the principal amount of the Notes validly tendered and not validly withdrawn 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 and pricing information for the Tender Offer and Consent Solicitation. As previously announced, requisite consents with respect to each series of Notes have been received in the Consent Solicitation. The supplemental indentures reflecting the amendments for which consents are solicited in the Consent Solicitation (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
_____________

Reference
Security
________

Reference
Yield
____________

Fixed
Spread
(bps)
__________

Early
Tender
Payment(2)
___________________

Total
Consideration(3)
___________________

3.600% Notes
due 2025

ISIN:
XS1138359663

GBP£300,000,00
0

GBP£265,191,00
0

3.500% UKT due October 22, 2025

4.182%

+20

£50.00

£997.73

2.125% Notes
due 2026

ISIN:
XS1138360166

EUR�750,000,00
0

EUR�689,680,00
0

0.000% DBR due August 15, 2026

1.860%

+20

�50.00

�1,000.76

3.450% Notes
due 2026

CUSIP:
931427AQ1

ISIN: US931427AQ19

US$1,447,286,00
0

US$1,134,041,00
0

0.750% due May 31, 2026

4.053%

+25

$50.00

$993.45

8.125% Notes
due 2029

CUSIP:
931427AW8

ISIN:
US931427AW86

US$750,000,000

US$716,890,000

4.375% due August 15, 2026

3.946%

+50

$50.00

$1,074.10

3.200% Notes
due 2030

CUSIP:
931427AS7

ISIN:
US931427AS74

US$500,000,000

US$416,949,000

3.875% UST due June 30, 2030

3.776%

+0

$50.00

$975.59

4.500% Notes
due 2034

CUSIP:
931427AB4

ISIN:
US931427AB40

US$303,296,000

US$271,340,000

4.250% UST due May 15, 2035

4.224%

+20

$50.00

$1,005.40

4.400% Notes
due 2042 (Walgreen Co.)

CUSIP: 931422AK5

ISIN: US931422AK51

US$239,422,000

US$209,751,000

5.000% UST due May 15, 2045

4.782%

+20

$50.00

$933.57

4.800% Notes
due 2044

CUSIP:
931427AC2

ISIN: US931427AC23

US$659,683,000

US$623,140,000

5.000% UST due May 15, 2045

4.782%

+0

$50.00

$1,002.14

4.650% Notes
due 2046

CUSIP:
931427AR9

ISIN: US931427AR91

US$298,616,000

US$291,077,000

5.000% UST due May 15, 2045

4.782%

+0

$50.00

$982.67

4.100% Notes
due 2050

CUSIP:
931427AT5

ISIN:
US931427AT57

US$640,372,000

US$628,051,000

4.625% UST due February 15, 2055

4.816%

+20

$50.00

$871.16

______________________________

(1)

The CUSIP 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.

(2)

Included in the Total Consideration for Notes validly tendered and not validly withdrawn on or prior to the Early Tender Deadline.

(3)

Per $1,000 (or �1,000 in the case of the 2.125% 2026 Notes or £1,000 in the case of the 2025 Notes) principal amount of Notes validly
tendered and not validly withdrawn on or prior to the Early Tender Deadline.

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 is the deadline for Walgreens (WBA) noteholders to tender their notes?

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

What is the settlement date for WBA's tender offer?

The settlement date is scheduled for August 19, 2025, unless extended or terminated earlier.

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

Untendered notes may be subject to redemption, defeasance, or left outstanding after the merger closing, at Parent's discretion. If amended, notes will be subject to the Proposed Amendments.

How much will WBA noteholders receive for tendering their notes?

The Total Consideration varies by note series and includes a $50 Early Tender Payment for notes tendered by the Early Tender Deadline. Amounts range from £871.16 to £1,074.10 per £1,000 principal amount.

Who is managing the WBA tender offer process?

Citigroup Global Markets Inc. is serving as the Dealer Manager, and Global Bondholder Services Corporation is the Depositary and Information Agent.
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