Rite Aid calls all $150 million of its 6 1/8% senior notes due 2008

By Devika Patel

Knoxville, Tenn., June 2 - Rite Aid Corp. said in an 8-K filed Monday with the Securities and Exchange Commission that it plans to use the proceeds from its $158 million offering of 8½% seven-year convertible notes to redeem all $150 million of its outstanding 6 1/8% senior notes due 2008 on June 30.

The company notified holders of the redemption on May 29.

The notes will be redeemed at the greater of par and the sum of the present values of the principal amount of the notes and the remaining scheduled payments of interest from the redemption date to the maturity date. In either case, the redemption price will include accrued interest.

Based in Camp Hill, Pa., Rite Aid operates a chain of retail drugstores.

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