Rite Aid completes refinancing to tune of $117M loss
Cumberland County-based drug store chain Rite Aid Corp. said it has completed a series of refinancing moves to extend the maturity of some of its debt and lower interest expenses.
Cumulatively, the modifications are expected to result in a recorded loss of $117 million, the company said in a news release.
But Rite Aid anticipates it will produce annual cash interest savings of about $45 million, the release stated.
Rite Aid has 4,626 stores in 31 states and Washington, D.C.