Rite Aid completes debt offering
CAMP HILL, Pa. — Rite Aid has closed a bond offering that it issued earlier this month to refinance its debt, the company said Monday.
Rite Aid said the proceeds of its offering of $481 million in 9.25% senior notes due 2020 would be used to buy back its 8.625% senior notes due 2015.
The retail pharmacy chain announced the offering on Feb. 14. The offering marked the first time that the company was able to tap the unsecured debt market in five years. Rite Aid has carried a heavy debt burden since its 2007 acquisition of the Brooks and Eckerd pharmacy chains.
Guggenheim Partners analyst John Heinbockel noted on Feb. 14 that Rite Aid’s debt would remain at 6.6% of EBITDA, but that "the principal benefits are an extension of the maturity by five years and a reduction in longer-term financing risk."
Shares of Rite Aid were up 0.65% and trading at $1.55 following the news.
Baer officially becomes president of Dominick’s
PLEASANTON, Calif. — After stepping into the role on an interim basis, Safeway has named Brian Baer president of its Dominick’s Finer Foods banner.
Baer, who has served as acting president of Dominick’s since July 2011 after the exit of Don Keprta, has been part of Dominick’s parent Safeway since 2001. Prior to his role as president, Baer served as Dominick’s CFO and VP finance.
"Brian has proven himself ideally-suited for the leadership role at Dominick’s," Safeway chairman, president, and CEO Steve Burd said. "He has demonstrated himself to be a well-rounded executive who will serve this operating division well going forward."
Bic introduces FlameDisk to market
SHELTON, Conn. — Bic has introduced a charcoal alternative for grilling.
Bic said its FlameDisk product provides a steady flame for approximately 35 to 45 minutes, cooking at about the same rate as charcoal. Once the fuel burns out of FlameDisk’s aluminum container, it will rapidly cool, allowing for convenient disposal with no ashes or soot to clean up. The product fits in most charcoal grills and is convenient and portable, the company added.
"Consumers are going to enjoy using the BIC FlameDisk, which uses ethanol as its main fuel ingredient, because of the convenience the product provides," said Sherri Gasparon, lighter marketing brand manager for Bic Consumer Products USA. "It heats up quickly and is cleaner than charcoal — from the initial setup of the product right through its cleanup."
The suggested retail price for FlameDisk is $4.99 for one disk.