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Rite Aid boosts debt offering

Drug store chain offers to buy back $810 million in debt

CAMP HILL, Pa. — Rite Aid is offering to buy back $810 million worth of debt while increasing the amount of a new bond sale announced Tuesday, the retail pharmacy chain said.

Rite Aid said it would buy back all of its $810 million worth of 9.5% senior notes due 2017. The company also said it would increase the $400 million offering of 6.75% senior notes due 2021 by another $410 million, for a total of $810 million, as part of a debt-refinancing plan.

Rite Aid said that proceeds from the Tuesday offering would go toward the debt buyback. The company currently has about $6 billion in debt, according to its 2013 annual report.

 

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