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Rite Aid to price $150 million seven-year convertibles to yield 8.5%-9%, up 22.5%-27.5%
By Rebecca Melvin
New York, May 21 - Rite Aid Corp. plans to price $150 million of seven-year convertible notes after the market close on Thursday, according to a market source.
The notes were talked to yield a coupon of 8.5% to 9% with an initial conversion premium of 22.5% to 27.5%.
Citigroup is the bookrunner of the notes, for which there is an option to purchase up to an additional $8 million in notes to cover over-allotments.
The notes will be non-callable.
Rite Aid intends to use proceeds to redeem $150 million of its 6.125% senior notes due 2008.
Based in Camp Hill, Pa., Rite Aid operates a chain of retail drugstores.
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