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Rite Aid launches $343 million term loan 5 at Libor plus 325 bps
By Sara Rosenberg
New York, Feb. 17 - Rite Aid Corp. held a conference call on Thursday to launch a $343 million tranche 5 term loan that is talked at Libor plus 325 basis points with a 1.5% Libor floor and an original issue discount of 991/2, according to a market source.
There is 101 soft call protection for six months, the source said.
Proceeds will be used to refinance a tranche 3 term loan that is priced at Libor plus 300 bps with a 3% Libor floor and was sold at an original issue discount of 90 when it was done in July 2008. The loan was sized at $350 million at close but has since been paid down.
Citigroup Global Markets Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, GE Capital and Wells Fargo are the lead banks on the deal, with Citi the left lead.
Rite Aid is a Camp Hill, Pa.-based drugstore chain.
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