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Rite Aid gets $3.15 billion of five-year revolving, term loans
By Wendy Van Sickle
Columbus, Ohio, Dec. 20 – Rite Aid Corp. entered into a new $2.7 billion senior secured asset-based revolving credit facility and a new $450 million senior secured term loan facility advanced on a “first-in, last-out” basis on Thursday, according to an 8-K filing with the Securities and Exchange Commission.
Bank of America Merrill Lynch, Wells Fargo Bank, NA, Citigroup Global Markets, Inc., BMO Harris Bank NA, Capital One, NA, Fifth Third Bank, ING Capital LLC, MUFG Union Bank, NA, PNC Capital Markets LLC and SunTrust Bank are the joint lead arrangers and joint bookrunners.
Bank of America, NA is the administrative agent.
Wells Fargo and Citicorp North America, Inc. are co-syndication agents.
BMO Harris, Capital One, Fifth Third, ING, MUFG, PNC Bank and SunTrust Bank are the co-documentation agents.
Borrowings under the new revolver bear interest at Libor plus a margin ranging from 125 basis points to 175 bps, based on average availability. There is a fee from 25 bps to 37.5 bps on the daily unused amount of the revolver, which also depends on availability.
The term loan bears interest at Libor plus 300 bps.
The new credit facilities mature in December 2023, subject to a springing maturity on Dec. 31, 2022, if Rite Aid has not repaid or refinanced its 6 1/8% notes due 2023 by that date.
Proceeds may be used for general corporate purposes.
In connection with the new credit facilities, Rite Aid terminated its amended and restated credit agreement dated June 27, 2001 with Citicorp North America, Inc. as administrative agent.
Rite Aid is a Camp Hill, Pa.-based drugstore chain.
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