Le Lézard
Classified in: Covid-19 virus
Subject: Funding

Rite Aid Announces Successful Amendment and Extension to Credit Agreement


Rite Aid Corporation (NYSE: RAD) announced today that it has entered into an amendment to its senior secured credit agreement, which, after giving effect to the amendment, consists of a $2.8 billion senior secured asset-based revolving credit facility and a $350 million "first-in, last out" senior secured term loan facility. The new facilities extend the Company's debt maturity profile and provides improved pricing on the "first-in, last out" senior secured term loan. The new senior secured credit facilities have a scheduled maturity date in August 2026, subject to an earlier maturity if Rite Aid has not repaid or refinanced its existing secured notes prior to such date. The Company's amended revolving credit facility will bear interest at a rate of LIBOR plus 125 to 175 basis points (or an alternate base rate plus 25 to 75 basis points), depending on availability under the revolving facility. The Company's amended senior secured term loan facility will bear interest at a rate of LIBOR plus 275 basis points (or an alternate base rate plus 175 basis points), compared to a rate of LIBOR plus 300 basis (or an alternate base rate plus 200 basis points) points prior to the effectiveness of the amendment.

"For Rite Aid these amended credit facilities, with their extended maturity date to 2026, greater flexibility and enhanced pricing for the term loan, not only represent a significant vote of confidence from the financial community, but more importantly provide continued support for our immediate and long-term strategic objectives under our RxEvolution strategy," said Matt Schroeder, Rite Aid's chief financial officer.

BofA Securities, Inc., Wells Fargo Bank, National Association, Capital One, National Association, BMO Harris Bank N.A., Fifth Third Bank, MUFG Union Bank, N.A., PNC Capital Markets LLC, Truist Securities, Inc. and ING Capital LLC, acted as joint lead arrangers and joint bookrunners for the amended credit facilities. Bank of America, N.A. continues to act as administrative agent and collateral agent under the amended credit facilities.

About Rite Aid Corporation

Rite Aid Corporation is on the front lines of delivering healthcare services and retail products to Americans 365 days a year. Our pharmacists are uniquely positioned to engage with customers and improve their health outcomes. We provide an array of whole being health products and services for the entire family through over 2,500 retail pharmacy locations across 17 states. Through Elixir, we provide pharmacy benefits and services to millions of members nationwide. For more information, www.riteaid.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this release that are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," and "will" and variations of such words and similar expressions are intended to identify such forward-looking statements.

These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties. These and other risks, assumptions and uncertainties are more fully described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission (the "SEC"), which you are encouraged to read. To the extent that COVID-19 adversely affects our business and financial results, it may also have the effect of heightening many of such risk factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to rely on these forward-looking statements, which speak only as of the date they are made. Rite Aid expressly disclaims any current intention, and assumes no duty, to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

All references to "Company" and "Rite Aid" as used throughout this release refer to Rite Aid Corporation and its affiliates.


These press releases may also interest you

at 11:40
The "Digital Microscope Cameras Global Market Insights 2021, Analysis and Forecast to 2026, by Manufacturers, Regions, Technology, Application, Product Type" report has been added to ResearchAndMarkets.com's offering. This report describes the...

at 11:30
The global learning analytics market size is set to grow by USD 4.19 billion between 2021 and 2025, accelerating at a CAGR of over 23% during the forecast period, according to Technavio....

at 11:29
Enel Green Power North America has started construction of the 250 MW 25 Mile Creek wind project in Ellis County, Okla., the company's 12th wind farm in the state. With this new construction, Enel Green Power's Oklahoma wind portfolio now exceeds $3...

at 11:25
The "Australia Prepaid Cards Business and Investment Opportunities - Market Size and Forecast (2016-2025), Consumer Attitude & Behaviour, Retail Spend, Market Risk" report has been added to ResearchAndMarkets.com's offering. According to the Q2 2021...

at 11:25
University of Phoenix supports Domestic Violence Awareness and Prevention Month throughout October to raise awareness among students, faculty and staff and provide opportunities for education on issues related to domestic violence and how to access...

at 11:25
The "Atomizer Global Market Insights 2021, Analysis and Forecast to 2026, by Manufacturers, Regions, Technology, Application, Product Type" report has been added to ResearchAndMarkets.com's offering. This report describes the global market size of...



News published on 23 august 2021 at 08:05 and distributed by: