Walgreens Credit Agreement
Walgreens also made a change to its credit agreement with Sumitomo Mitsui Banking Corp., which provides $500 million in priority long-term loans and another $500 million revolving loan. Except to the extent that it is amended, the credit agreement and each of the loan documents remain fully in force and are heres not ratified and confirmed. Unless expressly stated, this extension agreement is not considered (a) as consent granted on the basis of a duration or condition of the credit agreement or any of the instruments or agreements mentioned in it, or which they will receive in the future as part of or in connection with the credit contract or any of the instruments or agreements mentioned in it. , or (b) to infringe the rights or rights that the administrative officer or lenders have or may have in the future as part of or in connection with the credit contract or any of the instruments. or agreements referred to here. Unless otherwise stated in context, where the credit contract refers to the credit agreement, other credit documents or any of the instruments, agreements or other documents or documents that are exported or delivered in connection with it, such as Walgreens and the public company WBA Financial Services Limited, will be the borrowers under the HSBC credit contract. Under the agreement, loans are paid at a variable annual interest rate, equal to that of the euro, plus an applicable margin of 1.50% or an alternative base rate. Recently, Walgreens Boots Alliance, Inc. (“the company”) has taken steps to increase its cash position and maintain financial flexibility in the face of current uncertainty in global markets, including the execution of new credit contracts and changes to existing credit contracts described below. As of April 3, 2020, the Company had entered into new revolving credit facilities worth $3.1 billion.
There are no pending loans under these facilities. In addition, subject to certain conditions, the Company has extended a $1.0 billion facility to May 2021, which is expected to mature in 2020. On April 1, 2020 (effective date), the Company entered into a revolving bilateral credit agreement with the occasionally partial lenders and JPMorgan Chase Bank, N.A. (“JPMorgan”), as a representative of the administration. Walgreens Boots Alliance Inc. has secured a new $500 million, 364-day, unsecured revolving credit facility, as announced in an April 7 SEC submission. The drug chain signed the agreement with the lenders, with HSBC Bank PLC as a director. On April 2, 2020, the company adopted Amendment No. 2 to the credit agreement (the “amendment”) that amends the credit agreement of November 30, 2018 (the original end date) (as amended by Amendment 1 to the credit contract of March 25, 2019, the “existing SMBC credit contract”; the existing SMBC credit contract as amended by the amended amendment to the amended , which currently regulates a $500 million priority unsecured credit facility (the “existing term facility”), fully funded at the time of initial closing, and a $500 million revolving credit facility (the “existing revolving facility”) with Sumitomo Mitsui Banking Corporation as a sole director and lender.
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