Rite Aid to use borrowings to fund note redemption

New York, June 7 - Rite Aid Corp. said it will use borrowings on its accounts receivable securitization facility and senior secured revolving credit facility plus available cash to fund the redemption of its $150 million principal amount of 11¼% senior notes due 2008.

The Camp Hill, Pa., drug store chain announced it will redeem the notes on July 15, paying 105.625% of par plus accrued interest up to but excluding the redemption date.

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