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CAMP HILL, Pa. — Rite Aid has completed a series of debt financing transactions it announced recently, the retail pharmacy chain said.
The transactions were meant to extend the maturity of a portion of the retailer's debt and lower its interest expenses.
The transactions included the amendment and restatement of Rite Aid's existing revolving credit facility to $1.795 billion and an extension of the maturity to February 2018; the refinancing of a $1.038 billion Tranche 2 Term Loan due 2014 and $331.7 million Tranche 5 Term Loan due 2018, each including accrued but unpaid interest, with the proceeds from a new $1.161 billion Tranche 6 Term Loan due 2020 under the chain's first lien credit facility, together with borrowings under the amended revolving credit facility; the refinancing of, via a cash tender offer, Rite Aid's $410 million aggregate principal amount of 9.750% Senior Secured Notes due 2016 with proceeds from the Tranche 6 Term Loan, together with borrowings under the amended revolving credit facility; the refinancing, through a tender offer, of the company's $470 million aggregate principal amount of 10.375% Senior Secured Notes due 2016 with the proceeds from a new $470 million Tranche 1 Term Loan due 2020 under a new second lien credit facility, together with borings under the amended revolving credit facility; and a cash tender offer for Rite Aid's $180.3 million aggregate principal amount of 6.875% Senior Debentures due 2013.
Rite Aid said it expected to record a loss on debt modifications of $117 million related to the transactions and expected to have annual cash interest savings of about $45 million.