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Rite Aid tenders for $900 million of notes due 2020, 2021, 2023
By Wendy Van Sickle
Columbus, Ohio, Feb. 27 – Rite Aid Corp. tendered for up to $900 million of its 9¼% senior notes due 2020, its 6¾% senior notes due 2021 and its 6 1/8% senior notes due 2023, according to a press release.
There is $902 million of the 2020 notes outstanding, $810 million of the 2021 notes and $1.8 billion of the 2023 notes.
In each case, the purchase price will be par plus accrued interest to the purchase date.
The offer will expire at 5 p.m. ET on March 29.
Tenders may be drawn up to the expiration time.
If the tender cap is exceeded, tenders will be accepted on a pro rata basis.
The company said the offer is being funded by a portion of the net cash proceeds received to date from the previously announced sale to Walgreens Boots Alliance, Inc. of 1,932 stores, three distribution centers and related inventory for an all-cash purchase price of $4,375,000,000 on a cash-free, debt-free basis.
Bank of New York Mellon Trust Co., NA (315 414-3349) is the depositary and paying agent.
Rite Aid is a drugstore chain based in Camp Hill, Pa.
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