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Walgreens secures $1B credit facility

Walgreens Boots Alliance Inc. entered into a revolving credit agreement with Bank of America NA that includes a $1 billion senior unsecured revolving credit facility, according to an SEC filing Dec. 26.

The agreement with Bank of America as administrative agent will be effective no later than Feb. 15, 2019.

The revolving credit facility is expected to terminate after 18 months following the agreement's effective date.

Previously, the drugstore chain entered into separate credit agreements with Sumitomo Mitsui Banking Corp. and Wells Fargo Bank NA. The agreements included a $500 million senior unsecured revolving credit facility and a $500 million senior unsecured term loan facility with Sumitomo, the lead arranger and administrative agent. A separate term loan agreement with Wells Fargo involved a $1 billion senior unsecured term loan facility, set to expire Jan. 29, 2021.