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Rite Aid $350 million seven-year deal talked at 8½% area, to price Tuesday
By Paul A. Harris
St. Louis, April 14 - Price talk is for a yield on the 8½% area on Rite Aid Corp.'s drive-by sale of $350 million of senior secured notes due 2010, according to a syndicate source.
The deal is expected to price on Tuesday, the source said.
Citigroup and JP Morgan are joint bookrunners.
The Rule 144A notes are part of a planned refinancing that includes the replacement of the senior credit facility with a new $2 billion senior credit facility.
Proceeds from the bond deal will be used to repay part of the term loan and for general corporate purposes.
The issuer is a Camp Hill, Pa.-based drugstore chain.
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