Attached files
file | filename |
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EX-1.1 - EX-1.1 - MCKESSON CORP | f58489exv1w1.htm |
EX-4.2 - EX-4.2 - MCKESSON CORP | f58489exv4w2.htm |
8-K - FORM 8-K - MCKESSON CORP | f58489e8vk.htm |
Exhibit 5.1
[Letterhead of Skadden, Arps, Slate, Meagher & Flom LLP]
February 28, 2011
McKesson Corporation
McKesson Plaza, One Post Street
San Francisco, California 94104
McKesson Plaza, One Post Street
San Francisco, California 94104
Re: | McKesson Corporation Registration Statement on Form S-3 |
Ladies and Gentlemen:
We have acted as special counsel to McKesson Corporation, a Delaware corporation (the
Company), in connection with the public offering of $600,000,000 aggregate principal amount of
the Companys 3.25% Notes due March 1, 2016, $600,000,000 aggregate principal amount of the
Companys 4.75% Notes due March 1, 2021, and $500,000,000 aggregate principal amount of the
Companys 6.00% Notes due March 1, 2041 (collectively, the Securities), issuable under the
Indenture, dated as of March 5, 2007 (the Base Indenture), as supplemented and amended by the
First Supplemental Indenture, dated as of February 28, 2011 (the Supplemental Indenture, and
together with the Base Indenture, the Indenture), among the Company, The Bank of New York Mellon
Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.) and Wells Fargo
Bank, National Association, as trustee for the Securities (the Series Trustee). On February 23,
2011, the Company entered into an Underwriting Agreement (the Underwriting Agreement), with J.P.
Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of
the several underwriters named therein (the Underwriters), relating to the sale by the Company to
the Underwriters of the Securities.
This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of
Regulation S-K under the Securities Act of 1933, as amended (the Securities Act).
In rendering the opinions set forth herein, we have examined and relied on originals or copies,
certified or otherwise identified to our satisfaction, of:
(i) | the registration statement on Form S-3 (File No. 333-157176) of the Company relating to the Securities and other securities of the |
McKesson Corporation
February 28, 2011
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February 28, 2011
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Company filed with the Securities and Exchange Commission (the Commission) under the Securities Act allowing for delayed offerings pursuant to Rule 415 of the General Rules and Regulations under the Securities Act (the Rules and Regulations), including information deemed to be a part of the registration statement pursuant to Rule 430B of the Rules and Regulations (such registration statement, being hereinafter referred to as the Registration Statement); |
(ii) | the certificates evidencing the Securities; |
(iii) | an executed copy of the Base Indenture; |
(iv) | an executed copy of the Supplemental Indenture; |
(v) | an executed copy of the Underwriting Agreement; |
(vi) | the Amended and Restated Certificate of Incorporation of the Company, as certified by the Secretary of State of the State of Delaware as of February 23, 2011, and as certified by Willie C. Bogan, Assistant Secretary of the Company; |
(vii) | the Amended and Restated By-Laws of the Company, as certified by Willie C. Bogan, Assistant Secretary of the Company; and |
(viii) | resolutions of the Board of Directors of the Company, adopted on May 26, 2004, January 21, 2009 and January 26, 2011, as certified by Willie C. Bogan, Assistant Secretary of the Company. |
We have also examined originals or copies, certified or otherwise identified to our
satisfaction, of such records of the Company and such agreements, certificates and receipts of
public officials, certificates of officers or other representatives of the Company and others, and
such other documents as we have deemed necessary or appropriate as a basis for the opinions set
forth below.
In our examination, we have assumed the legal capacity of all natural persons, the genuineness
of all signatures, the authenticity of all documents submitted to us as originals, the conformity
to original documents of all documents submitted to us as facsimile, electronic, certified or
photostatic copies, and the authenticity of the originals of such copies. In making our
examination of executed documents, we have assumed that the parties thereto, other than the
Company, had the power, corporate or other, to enter into and perform all obligations thereunder
and have also assumed the due authorization by all requisite action,
McKesson Corporation
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February 28, 2011
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corporate or other, the
execution and delivery by such parties of such documents, and the validity and binding effect
thereof on such parties. We have also assumed that the execution and delivery by the Company of
the Indenture and the Securities, as applicable, and the performance by the Company of its
obligations thereunder do not and will not violate, conflict with or constitute a default under (i)
any agreement or instrument to which the Company or any of its properties is subject, (ii) any law,
rule, or regulation to which the Company or any of its properties is subject, (iii) any judicial or
regulatory order or decree of any governmental authority or (iv) any consent, approval, license,
authorization or validation of, or filing, recording or registration with any governmental
authority. As to any facts material to the opinions expressed herein that we did not independently
establish or verify, we have relied upon statements and representations of officers and other
representatives of the Company and others and of public officials.
The opinions set forth below are subject to the following further qualifications, assumptions
and limitations:
(a) the validity or enforcement of any agreements or instruments may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors rights generally and by general principles of equity (regardless of
whether enforceability is considered in a proceeding in equity or at law);
(b)
except to the extent expressly stated in the opinions contained herein with respect to the Company, we do not express any opinion with respect to the effect on the opinions stated herein of (i) the compliance or non-compliance of any party to the Indenture with any laws, rules or regulations applicable to such party or
(ii) the legal status or legal capacity of any such party to the Indenture;
(c) except to the extent expressly stated in the opinions contained herein with respect to the Company, we do not express any opinion with respect to any law, rule or regulation that is applicable to any party to the Indenture or the transactions contemplated thereby solely because such law, rule or regulation is part of a
regulatory regime applicable to any such party or any of its affiliates as a result of the specific assets or business operations of such party or such affiliates;
(d) we do not express any opinion as to the applicability or effect of any
fraudulent transfer, preference or similar law on each of the Securities or any of the
transactions contemplated thereby; and
(e) to the extent any opinion relates to the enforceability of the choice of New
York law and choice of New York forum provisions of any agreement or instrument, our
opinions are rendered in reliance upon N.Y. Gen. Oblig. Law §§5-1401, 5-1402 (McKinney 2001)
and N.Y. C.P.L.R. 327(b) (McKinney 2001) and are subject to the qualification that such
enforceability may be limited by public policy considerations of any jurisdiction.
We do not express any opinion as to any laws other than Delaware corporate law and those laws,
rules and regulations of the State of New York that, in our experience, are normally applicable to
transactions of the type contemplated by the Underwriting Agreement, the Indenture, the Securities
and, to the extent that judicial or regulatory orders or decrees or consents, approvals, licenses,
authorizations, validations, filings, recordings or registrations with governmental authorities are
relevant, to those required under such laws (all of the foregoing being referred to as Opined on
Law). We do not express any opinion with respect to the law of any jurisdiction other than Opined
on Law or as to the effect of any
McKesson Corporation
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February 28, 2011
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such
non-Opined on Law on the opinions herein. Insofar as the
opinions expressed herein relate to matters governed by laws other than those set forth in the
preceding sentence, we have assumed, without having made any independent investigation, that such
laws do not affect any of the opinions set forth herein. The opinions expressed herein are based
on laws in effect on the date hereof, which laws are subject to change with possible retroactive
effect.
Based upon the foregoing and subject to the limitations, qualifications, exceptions and
assumptions set forth herein, we are of the opinion that the Securities have been duly authorized
and executed by the Company, and when duly authenticated by the Series Trustee and issued and
delivered by the Company against payment therefor in accordance with the terms of the Underwriting
Agreement and the Indenture, the Securities will constitute valid and binding obligations of the
Company entitled to the benefits of the Indenture and enforceable against the Company in accordance
with their terms.
We hereby consent to the filing of this opinion with the Commission as an exhibit to the
Companys Current Report on Form 8-K, being filed on the date
hereof, and incorporated by reference into the Registration Statement. We hereby consent to the reference to our firm under the caption
Legal Matters in the prospectus supplement dated February
23, 2011 and filed with the Commission. In giving this consent, we do not thereby admit
that we are included in the category of persons whose consent is required under Section 7 of the
Securities Act or the Rules and Regulations. This opinion
is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any
undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any
subsequent changes in applicable law.
Very truly yours, |
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/s/ Skadden, Arps, Slate, Meagher & Flom LLP | ||||