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In a release, the Company noted:
As of October 23, there was $475 million outstanding under the securitization facilities. The refinancing consists of an offering of $270 million aggregate principal amount of 10.250 percent senior secured notes due 2019 (with a yield to maturity of 10.375 percent, based on an offering price of 99.242 percent per note), commitments to increase the maximum borrowing capacity under Rite Aid's existing senior secured revolving credit facility from $1.0 billion to $1.175 billion, and an increase in borrowings under Rite Aid's existing $525 million senior secured term loan due June 2015 by $125 million to $650 million. As a result of the refinancing, Rite Aid has refinanced all of its September 2010 debt maturities.
The notes are unsecured, unsubordinated obligations of Rite Aid Corp. and are guaranteed by substantially all of Rite Aid's subsidiaries. The guarantees are secured on a second lien basis. The notes and the related subsidiary guarantees were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States pursuant to Regulation S under the Securities Act. The notes and the related subsidiary guarantees have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.
Rite Aid is a drugstore chain with more than 4,800 stores in 31 states and the District of Columbia and fiscal 2009 annual sales of more than $26.3 billion.
((Comments on this story may be sent to health@closeupmedia.com))
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