Rite Aid Completes Refinancing of All September 2010 Debt
With the recent refinancing of its accounts receivable securitization facilities, Rite Aid has successfully refinanced all of its debt that had been scheduled to come due in September 2010. The company now has no major debt coming due for nearly three years.
The refinancing of approximately $475 million outstanding under the securitization facilities included the sale of new notes due 2019, an increase in the company’s existing term loan due 2015 and increased borrowing capacity under the revolving credit facility due September 2012.
“Extending the maturities on all of our September 2010 debt is good news for our company. Along with the substantial improvement we’ve made in our liquidity over the past four quarters, it gives us even more flexibility to continue to execute on our initiatives and improve our results,” said Chairman and CEO Mary Sammons.