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Rite Aid extends consent solicitation for 8 1/8%, 7½% notes
By Angela McDaniels
Tacoma, Wash., March 31 - Rite Aid Corp. said the consent solicitation for its $360 million 8 1/8% senior secured notes due 2010 and its $200 million 7½% senior secured notes due 2015 will now expire at 5 p.m. ET on April 1 instead of March 28.
The consents would allow Rite Aid to eliminate a discrepancy between the debt incurrence covenant and the lien covenant in the indentures, according to a previous news release. The company said the amendments would not increase the total amount of debt it is allowed to incur but would instead allow it to secure $320 million of debt that it is already permitted to incur under these indentures and is permitted to incur and secure under its other existing indentures.
Rite Aid is offering a consent fee of $5 per $1,000 of principal amount of notes.
The consent solicitation began on March 17 and is conditioned on the receipt of consents from holders of at least a majority of both series of notes.
Global Bondholder Services Corp. (866 873-6300 or 212 430-3774) is the information agent, and Citi (800 558-3745 or 212 723-6106) is the solicitation agent.
Rite Aid is a drugstore chain based in Camp Hill, Pa.
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