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Rite Aid amending revolver, plans news term loans for refinancing
By Sara Rosenberg
New York, Jan. 31 - Rite Aid Corp. plans on amending and restating its revolving credit facility and getting a new first- and/or second-lien term loan, according to a news release.
Citigroup Global Markets Inc. is the lead bank on the deal.
Proceeds from the term loans, along with revolver borrowings, will be used to refinance an existing $1.04 billion term loan-2 due 2014 and fund cash tender offers for $410 million of 9¾% senior secured notes due 2016, $470 million of 10 3/8% senior secured notes due 2016 and $180.3 million of 6 7/8% senior debentures due 2013.
The sizes of the amended revolver and new term loans have not yet been determined, but the company has signed a commitment for a $1.5 billion revolver.
The tender offers expire on Feb. 28.
Rite Aid is a Camp Hill, Pa.-based drugstore chain.
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