Rite Aid to hit market with $2 billion credit facility

By Sara Rosenberg

New York, April 11 - Rite Aid Corp. is planning on bringing a new $2 billion senior secured credit facility to the bank loan market.

Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. are joint lead arrangers on the deal.

The facility will mature in April 2008.

Proceeds will be used to repay the company's existing $1.37 billion senior secured credit facility due March 2005 and its $107 million synthetic lease due March 2005 and to replace the existing $500 million revolver, which is undrawn.

The Camp Hill, Pa. retail drugstore chain's loan is expected to close by the end of May.

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