- New Rite Aid group VP pharmacy initiatives and clinical services to oversee Wellness Ambassador program
- Rite Aid posts $71.5 million profit in third quarter 2014
- Green Equity Investors exchanges nearly 1.9 million shares of Rite Aid preferred stock for common stock
- Rite Aid introduces interactive higi health stations across the chain
- University of Georgia pharmacy professor becomes first appointee to Rite Aid-endowed professorship
CAMP HILL, Pa. Rite Aid on Monday announced a pair of initiatives concerning the company’s credit facilities.
First, the Camp Hill, Pa.-based druggist intends to offer a $650 million aggregate principal amount of senior secured notes due 2020. The notes will be unsecured, unsubordinated obligations of Rite Aid and will be guaranteed by substantially all of Rite Aid's subsidiaries. The guarantees will be secured on a senior lien basis.
The proceeds of the offering will be used, together with available cash, to repay and retire Rite Aid's $648 million Tranche 4 Term Loan due 2015 under its senior secured credit facility, and to fund related fees and expenses.
Rite Aid also announced its intention to amend or replace its $1.2 billion existing revolving credit facility due 2012 with a new $1.2 billion revolving credit facility due 2015, for which Rite Aid had obtained $1.1 billion in commitments as of Aug. 6. The new revolving credit facility is expected to have reduced pricing and a five-year maturity, although the maturity shall be April 18, 2014, in the event that Rite Aid does not repay, refinance or otherwise extend the remaining term loans under its senior credit facility prior to that time and meets certain other conditions. Rite Aid also is seeking amendments to provide more flexibility under certain covenants in its senior credit facility.