Boots Group Seeks Noteholder Consent on €650M and £375M Bonds
Boots Group has launched a consent solicitation targeting holders of two senior secured note series totaling over €1 billion equivalent.
Boots Group Finco L.P. and The Boots Group Luxco S.à r.l. announced Monday the launch of a formal consent solicitation directed at holders of two outstanding senior secured note issuances, signaling a potential modification to existing bond terms ahead of their 2032 maturities.
The solicitation covers two distinct instruments: €650 million in 5.375% Senior Secured Notes due 2032 and £375 million in 7.375% Senior Secured Notes due 2032. Both series were issued by the co-issuers, which serve as the financing vehicles for the Boots Group retail and pharmacy business.
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Consent solicitations of this type are typically initiated when an issuer seeks to amend indenture covenants, adjust reporting requirements, or facilitate a broader corporate transaction — though the specific amendments being sought were not detailed in the initial announcement. Noteholders are generally offered a fee in exchange for their consent, creating a financial incentive to participate ahead of any stated deadline.
The dual-currency structure of the notes — denominated in both euros and sterling — reflects the group's cross-border operations and its financing strategy across European capital markets. Any successful amendment would require participation from a threshold majority of holders across both series.
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