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Market Report - RAD - Rite Aid Successfully Refinances Most of its Debt -
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RITE AID CP,RAD
Rite Aid Corporation (NYSE: RAD) announced today that it has successfully
completed its previously announced refinancing of the majority of its September
2010 debt maturities, including its $145 million Tranche 1 Term Loan and $1.75
billion senior secured revolving credit facility. The comprehensive refinancing
plan was accomplished in a series of transactions, beginning with an amendment
and restatement of Rite Aid's senior secured credit facility to permit greater
flexibility with respect to refinancings, followed shortly thereafter by three
separate transactions consisting of (1) the incurrence of $525 million of
senior secured term loans due 2015, the proceeds of which were used to repay
existing term and revolving loans due 2010, (2) the issuance of $410 million of
9.75% first lien senior secured notes due 2016, the proceeds of which were used
to repay existing revolving loans, and (3) the incurrence of a new $1.0 billion
revolving credit facility expiring in 2012 to replace the remaining portion of
Rite Aid's existing revolving credit facility expiring in 2010. Rite Aid, which
previously announced completion of the term loan and senior secured notes,
completed the $1 billion revolving credit facility on June 26, 2009.
About
Rite Aid Corporation, through its subsidiaries, operates retail drugstores. Its
drugstores primarily provide pharmacy services. The company sells prescription
drugs and front-end products. It offers approximately 28,000 front-end
products, which include over-the-counter medications, health and beauty aids,
personal care items, cosmetics, household items, beverages, convenience foods,
greeting cards, seasonal merchandise, and various other everyday and
convenience products, as well as photo processing. Rite Aid Corporation markets
its products primarily under the Rite Aid brand. It sells its products to the
customers covered by health plan contracts, which contract with a third party
payors, such as an insurance companies, governmental agencies, health
maintenance organizations, and other managed care providers.
Last Trade: 1.45
Day's Range: 1.21 - 1.50
52wk Range: 0.20 - 1.97
Volume: 22,767,036
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