- New Rite Aid group VP pharmacy initiatives and clinical services to oversee Wellness Ambassador program
- Rite Aid posts $71.5 million profit in third quarter 2014
- Rite Aid introduces interactive higi health stations across the chain
- Green Equity Investors exchanges nearly 1.9 million shares of Rite Aid preferred stock for common stock
- University of Georgia pharmacy professor becomes first appointee to Rite Aid-endowed professorship
CAMP HILL, Pa. — Rite Aid moved to refinance its debt Friday, announcing that it would buy half a billion dollars in notes using proceeds from a new loan, while also projecting that it would turn a profit in the first quarter of its fiscal year 2014, results of which it will announce next week.
The retail pharmacy chain said it would buy $500 million worth of 7.5% Senior Secured Notes, due 2017, using the proceeds from a $500 million second lien term loan.
The offer will expire on July 5 unless it's extended, the company said.
The company estimates that it will post a profit of between $75 million and $90 million for the first quarter of fiscal 2014, which ended on Saturday, compared with a loss of $28.1 million during the same period last year. This would make the quarter the third consecutive one in which the 4,615-store chain has reported a profit.