Banks Complete Upsized $4.5 Billion Boots Buyout-Debt Sale

Banks sold a larger-than-planned $4.5 billion of debt backing Sycamore Partners’ acquisition of the Boots pharmacy chain, selling $250 million more than intended to a market hungry for new deals.

The Boots Group is issuing $3.25 billion-equivalent of leveraged loans across dollars, euros and sterling and a further $1.25 billion-equivalent of high-yield bonds in euros and sterling. The additional $250 million will go toward reducing a preferred equity contribution to the deal, according to people familiar with the situation.