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S&P rates Rite Aid notes CCC-
S&P said it assigned its CCC- issue-level and 6 recovery ratings to Rite Aid Corp.’s proposed $600 million of secured notes due 2026. The 6 recovery rating indicates an expectation that lenders would receive negligible recovery (0%-10%; rounded estimate: 0%) in the event of a default.
Rite Aid plans to use the proceeds to fund a tender for up to $750 million of the principal amount of its 6 1/8% senior notes due 2023. The proposed notes will be secured by a first-priority lien on non-asset-based lending facility collateral and a second-priority lien on ABL collateral.
All of S&P’s ratings on Rite Aid, including the CCC+ issuer credit rating with a stable outlook are unchanged, the agency said.
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