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Rite Aid upsized to $300 million, price talk 9¾%, pricing Wednesday
By Paul A. Harris
St. Louis, Feb. 4 - Rite Aid Corp. upsized to $300 million its upcoming offering of second lien senior secured notes due 2011 (B3/B-), according to a market source. The deal was increased from an original size of $200 million.
Price talk remains at the 9¾% area.
The deal is expected to price on Wednesday.
Salomon Smith Barney is the bookrunner on the Rule 144A deal. JP Morgan and Fleet Securities are co-managers.
The notes are non-callable for four years.
Proceeds will be used to repay the senior secured shareholder settlement notes due 2006 and for general corporate purposes.
The issuer is a drugstore chain operator headquartered in Camp Hill, Pa.
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