Rite Aid to refinance $400 million worth of debt
CAMP HILL, Pa. — Rite Aid announced Monday a new debt-refinancing plan, the second such plan in two weeks.
The company announced that it would offer for sale a new series of senior notes due 2021 worth $400 million, which would be unsecured, unsubordinated obligations of Rite Aid Corp. and would be guaranteed by the company. The retailer said on June 7 that it would purchase $500 million worth of 7.5% senior notes due 2017.
Proceeds from the offering will be used to redeem $400 million of the company's outstanding 9.5% senior notes due 2017.
Rite Aid's debt currently stands at about $6 billion, according to the company's 2013 annual report.
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