Boots Group Launches Consent Solicitation on €1B+ Senior Secured Notes
Boots Group co-issuers seek bondholder approval on two tranches of senior secured notes totaling over €1 billion equivalent due 2032.
Boots Group Finco L.P. and The Boots Group Luxco S.à r.l. announced Monday the launch of a consent solicitation targeting holders of two series of senior secured notes issued under the Boots Group structure, according to a company press release dated Oct. 19, 2026.
The solicitation covers a €650,000,000 tranche of 5.375% Senior Secured Notes due 2032 and a separate £375,000,000 tranche of 7.375% Senior Secured Notes due 2032. Together, the two series represent a substantial portion of the group's fixed-income capital structure, spanning both euro and sterling markets.
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Consent solicitations of this type are typically initiated when an issuer seeks to amend bond indenture terms — such as covenants, reporting obligations, or structural provisions — without triggering a full refinancing. The process requires a minimum threshold of bondholder participation and approval before any proposed changes take effect.
The dual-currency nature of the offering reflects Boots Group's exposure to both European and UK markets, a structure common among large retail or consumer-facing businesses with cross-border operations. Holders of either series would need to evaluate the proposed amendments independently, as each tranche carries distinct coupon rates, currency risks, and potentially separate consent thresholds.
The Co-Issuers did not disclose the specific amendments being sought in the summary announcement. Bondholders are expected to receive detailed solicitation materials outlining the proposed changes and applicable deadlines. Continue reading at All Financial Services & Investing.
