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CAMP HILL, Pa. Rite Aid on Thursday announced that it successfully completed its previously announced refinancing transactions that include a new $1.2 billion revolving credit facility due 2015 and the issuance of $650 million aggregate principal amount of 8% senior secured notes due 2020.
Rite Aid also has entered into the previously announced amendments to its senior credit facility.
The new $1.2 billion revolving credit facility due 2015 replaces Rite Aid's existing revolving credit facility due 2012. The new revolving credit facility has 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. The amendments to its senior credit facility loosen the fixed charge coverage ratio test and permit the mandatory repurchase of Rite Aid's existing 8.5% convertible notes due 2015, subject to the satisfaction of certain conditions.
The proceeds of the offering of the 8% senior secured notes due 2020 were 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.