Rite Aid sets Tuesday launch for $1.105 billion term loan

By Sara Rosenberg

New York, May 3 - Rite Aid Corp. has scheduled a bank meeting for Tuesday to launch its proposed $1.105 billion seven-year senior secured term loan, according to a market source.

Citigroup is the lead bank on the deal.

Proceeds will be used to help fund the acquisition of Jean Coutu Group USA Inc. from Longueuil, Quebec-based Jean Coutu Group Inc.

The acquisition, which is expected to close by the end of May, includes about 1,850 Brooks and Eckerd stores and six distribution centers, primarily located on the East Coast and in the Mid-Atlantic states.

Rite Aid is a Camp Hill, Pa., national drugstore chain.

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