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Rite Aid completes refinancing of September 2010 debt maturities


CAMP HILL, Pa. Rite Aid announced it has successfully completed its previously announced refinancing of the majority of its September 2010 debt maturities.

Debts included Rite Aid’s $145 million Tranche 1 Term Loan and $1.75 billion senior secured revolving credit facility. A series of transactions finally concluded the refinancing plan on June 26.

The only noteworthy outstanding debt due before the maturity of the new revolving credit facility in 2012 is borrowings under its accounts receivable securitization programs, which come due in September 2010.

"We are very pleased to have completed the refinancing," said Mary Sammons, Rite Aid chairman and CEO. "The refinancing significantly improves our debt maturity profile and provides us with the time and liquidity to further implement our initiatives to continue to improve our performance. As a result of the refinancing, we are in a much stronger financial position."

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