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Bank of America Agents $1B Revolver for Parent of Walgreens, Duane Reade

December 26, 2018, 08:10 AM
Filed Under: Pharmaceuticals
Related: Bank of America

Walgreens Boots Alliance, Inc., the largest retail pharmacy, health and daily living destination across the U.S. and Europe, entered into a revolving credit agreement with the lenders from time to time party thereto and Bank of America, N.A., as administrative agent.

The Credit Agreement includes a $1 billion senior unsecured revolving credit facility. The Facility's termination date is the earlier of (a) 18 months following the Effective Date, subject to extension thereof pursuant to the Credit Agreement and (b) the date of termination in whole of the aggregate amount of the commitments pursuant to the Credit Agreement.

The Company will be the borrower under the Credit Agreement. Subject to the terms of the Credit Agreement, the Company may borrow, repay and reborrow amounts borrowed under the Facility while the commitments thereunder are in effect. The ability of the Company to request each loan under the Facility from time to time after the Effective Date is subject to the satisfaction (or waiver) of certain customary conditions set forth therein. Loans under the Credit Agreement are denominated in U.S. dollars.

Borrowings under the Credit Agreement will bear interest at a fluctuating rate per annum equal to, at the Company's option, the Alternate Base Rate or the Eurocurrency Rate (including, at the Company's election, a LIBOR Daily Floating Rate) (each as defined in the Credit Agreement), plus an applicable margin of 0.75% in the case of Eurocurrency Rate loans and 0.00% in the case of Alternate Base Rate loans. In addition, the Company has agreed to pay to the lenders under the Credit Agreement certain customary fees, including: an upfront fee, an unused commitment fee and a minimum average percentage utilization fee based on average utilization of the commitments under the Facility.

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