On July 23, 2021 McKesson Corporation (NYSE: MCK) (the "Company") reported the early tender results as of the Early Tender Time (as defined below) in connection with its previously announced cash tender offer to purchase up to $500,000,000 (subject to increase, the "Tender Cap") aggregate principal amount (the "Offer") of its outstanding 6.00% Notes due 2041 (the "6.00% Notes"), 4.883% Notes due 2044 (the "4.883% Notes"), 7.65% Debentures due 2027 (the "7.65% Debentures"), 4.750% Notes due 2029 (the "4.750% Notes"), 3.950% Notes due 2028 (the "3.950% Notes"), 2.85% Notes due 2023 (the "2.85% Notes") and 3.796% Notes due 2024 (the "3.796% Notes" and together with the 6.00% Notes, the 4.883% Notes, the 7.65% Debentures, the 4.750% Notes, the 3.950% Notes and the 2.85% Notes, the "Notes", and each, a "series" of Notes) (Press release, McKesson, JUL 22, 2021, View Source [SID1234585103]).

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The Company reported that, based on preliminary estimates, it intends to increase the Tender Cap to $922,154,000 aggregate principal amount on the date hereof, subject to determination of the Full Tender Offer Consideration at 10:00 a.m., New York City time, on the date hereof (the "Tender Cap Increase"), in order to accept all of the Notes that were validly tendered and not validly withdrawn at or prior to the Early Tender Time (as defined below).

On July 8, 2021, the Company commenced the Offer in accordance with the terms and conditions set forth in the offer to purchase, dated July 8, 2021 (the "Offer to Purchase"), and the related letter of transmittal (the "Letter of Transmittal" and, together with the Offer to Purchase, the "Offer Documents"), sent to holders of the Notes.

As of 5:00 p.m., New York City time, on July 21, 2021 (the "Early Tender Time"), $922,154,000 aggregate principal amount of the Notes were validly tendered and not validly withdrawn pursuant to the Offer, as set forth in the table below:

Pursuant to the terms of the Offer, the amount of Notes that will be accepted for purchase is subject to the Tender Cap, including the Tender Cap Increase, if applicable. Because the Tender Cap, including the Tender Cap Increase, has been reached in respect of tenders made at or prior to the Early Tender Time, no Notes of any series tendered after the Early Tender Time (regardless of acceptance priority level) will be accepted for purchase. The Company currently expects to accept for purchase 100% of the Notes validly accepted and not validly withdrawn at or prior to the Early Tender Time.

As set forth in the Offer to Purchase, holders who validly tendered and did not validly withdraw their Notes at or prior to the Early Tender Time are eligible to receive the Full Tender Offer Consideration, which will be determined at 10:00 a.m., New York City time, on the date hereof. In addition, holders that validly tender Notes that are accepted for purchase by the Company will receive accrued and unpaid interest from, and including, the last interest payment date for their tendered Notes to, but not including, the settlement date for such Notes, in each case rounded to the nearest cent.

The Withdrawal Deadline for the Offer was 5:00 p.m., New York City time, on July 21, 2021, and has not been extended for any series of Notes. The Offer will expire at 11:59 p.m., New York City time, on August 4, 2021, unless extended or earlier terminated by the Company, with respect to any or all series of Notes.

The Offer is subject to the satisfaction or waiver of certain conditions specified in the Offer to Purchase.

Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase.

Barclays Capital Inc. and Citigroup Global Markets Inc. are acting as lead dealer managers for the Offer and Wells Fargo Securities, LLC is acting as co-dealer manager for the Offer. For additional information regarding the terms of the Offer, please contact: Barclays Capital Inc. toll-free at (212) 528-7581 or collect at (800) 438-3242 or Citigroup Global Markets Inc. toll-free at (800) 558-3745 or collect at (212) 723-6106. Requests for the Offer Documents may be directed to Global Bondholder Services Corporation, which is acting as the Tender Agent and Information Agent for the Offer, at (866)-924-2200 (toll-free) or by email at [email protected].