Rite Aid extends secured credit agreement to August 2026, reduces term loan interest rate

By Rebecca Melvin

Concord, N.H., Aug. 23 – Rite Aid Corp. has extended its senior secured credit facilities by 2.5 years to August 2026, according to a company news release.

The credit facility consists of a $2.8 billion senior secured asset-based revolving credit facility and a $350 million first-in, last-out senior secured term loan facility. The new facilities, with a prior scheduled maturity of December 2023, extend the company’s debt maturity profile and provides improved pricing on the “first-in, last out” senior secured term loan.

The amended revolver will bear interest at Libor plus 125 basis points to 175 bps, depending on availability under the revolver.

The amended senior secured term loan facility will bear interest at Libor plus 275 bps, compared to a rate of Libor plus 300 bps previously.

BofA Securities, Inc., Wells Fargo Bank, NA, Capital One, NA, BMO Harris Bank NA, Fifth Third Bank, MUFG Union Bank, NA, PNC Capital Markets LLC, Truist Securities, Inc. and ING Capital LLC, acted as joint lead arrangers and joint bookrunners for the amended credit facilities. Bank of America, NA continues to act as administrative agent and collateral agent under the amended credit facilities.

Rite Aid is a Camp Hill, Pa.-based drugstore chain.

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