No bonanza for levfin as Walgreen buys Boots

Five years ago, it was one of the most high profile symbols of leveraged finance’s burst bubble. Now, Alliance Boots has provided a handsome exit for its sponsor, KKR. But the euphoric reaction to this week’s news that US pharmacy chain Walgreen is to buy a 45% stake faded, as lenders realised the deal was no guarantee of a repayment, writes Olly West.