Rite Aid says it finished debt refinancing moves
CAMP HILL, Pa. (AP) — Drugstore operator Rite Aid Corp. said Thursday it completed a series of debt refinancing moves that result in a loss of $117 million, but will save it $45 million per year in interest payments.
Rite Aid said it revised its revolving credit facility, which now has $1.8 billion in borrowing capacity and matures in February 2018. The company also refinanced loans due in 2014 and 2018 with proceeds from new $1.16 billion loan due in 2020 and other borrowings. Rite Aid also said it refinanced senior notes that are due in 2016 and is making a cash tender offer for $180.3 million in debt due in 2013.
Rite Aid had $5.83 billion in debt as of Dec. 1. The company runs more than 4,600 stores in 31 states and Washington, D.C.