Rite Aid announces debt transactions complete, higher monthly sales
Cumberland County-based drugstore chain Rite Aid Corp. has completed debt refinancing transactions to extend maturity for a portion of its outstanding debt and reduce interest expense.
The transactions consisted of a cash tender offer for any and all of Rite Aid’s $810 million aggregate principal amount of 9.5 percent senior notes due 2017 with funding from Rite Aid’s offering of $810 million aggregate principal amount of 6.75 percent senior notes due 2021 as well as cash or borrowing under the firm’s revolving credit facility, or both.
The company also said last week that same-store sales went up 0.7 percent for the four weeks that ended June 29, according to a news release. Total drugstore sales for the period went up 0.2 percent to nearly $1.93 billion.