Boots Group Seeks Noteholder Consent on €650M and £375M Bonds
Boots Group co-issuers launch a consent solicitation targeting holders of two senior secured note series due 2032.
Boots Group Finco L.P. and The Boots Group Luxco S.à r.l. have launched a formal consent solicitation targeting holders of two outstanding senior secured note series, the companies announced Monday from London.
The solicitation covers a €650 million tranche of 5.375% Senior Secured Notes maturing in 2032 and a £375 million tranche of 7.375% Senior Secured Notes also due in 2032. Together, the two series represent a substantial portion of the retail pharmacy group's fixed-income capital structure.
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Consent solicitations of this type are typically initiated when an issuer seeks to amend indenture terms — such as covenants, reporting requirements, or definitions — without refinancing the underlying debt. They require a threshold percentage of noteholders to formally approve proposed changes before amendments can take effect.
The dual-currency structure of the Boots Group notes, spanning euro and sterling denominations, reflects the company's European operating footprint. The divergent coupon rates — 5.375% on the euro notes versus 7.375% on the sterling tranche — mirror prevailing market conditions and currency-specific risk premiums at the time the bonds were originally issued.
Full terms of the consent solicitation, including any proposed amendments and the consent deadline, were detailed in solicitation materials distributed to eligible noteholders. Continue reading at All Financial Services & Investing.
