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CAMP HILL, Pa. — Rite Aid has closed an offering of new debt from which it plans to generate funding for a buyback of older debt, the retailer said Tuesday.
Rite Aid announced the closing of its offering of $421 million in senior notes with a 9.25% interest rate and due in 2020. The company plans to use money from the offering to buy back 9.375% senior notes due 2015. As of Monday night, $296.3 million worth of the old notes had been put up for sale.
The company announced on May 3 that it would offer $426 million in 9.25% senior notes due 2020, which it said it was offering as additional notes under an existing indenture for which it had issued $481 million in senior notes, also at a 9.25% rate and due 2020.
