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Rite Aid Completes Debt Refinancing Transactions

Stocks in this article: RAD

As of the consent payment deadline at midnight, Eastern Time, on Feb. 13, 2013, approximately (i) $257.1 million aggregate principal amount of the 9.750% Notes were tendered (representing approximately 62.7% of the outstanding 9.750% Notes), (ii) $402.0 million aggregate principal amount of the 10.375% Notes were tendered (representing approximately 85.5% of the outstanding 10.375% Notes) and (iii) $119.0 million aggregate principal amount of the 6.875% Debentures were tendered (representing approximately 66.0% of the outstanding 6.875% Debentures). Rite Aid has exercised its option to accept for payment and settle the tender offers with respect to all of the notes that were validly tendered at or prior to the consent payment deadline. Such early settlement occurred today concurrently with the closing of the other refinancing transactions. The supplemental indentures implementing the proposed amendments became effective upon closing of the refinancing transactions.

The tender offers will expire at midnight, Eastern Time, on Feb. 28, 2013, unless extended or earlier terminated. Although Rite Aid has called the 9.750% Notes and 10.375% Notes that remain outstanding following the tender offers for redemption (as discussed below), holders of such notes may still validly tender their notes prior to the expiration date. For more information regarding the tender offers and related consent solicitations, see the applicable offer to purchase.

Rite Aid today also delivered notice that it had called for redemption all of the 9.750% Notes and 10.375% Notes that remain outstanding following consummation of the tender offers. The 9.750% Notes that remain outstanding will be redeemed at a price equal to 100.000% of their face amount, plus a make-whole premium and accrued and unpaid interest to, but not including, the date of redemption. The 10.375% Notes that remain outstanding will be redeemed at a price equal to 105.188% of their face amount, plus accrued and unpaid interest to, but not including, the date of redemption. Redemption of the remaining 9.750% Notes and 10.375% Notes, respectively, will occur on March 25, 2013. Rite Aid has prefunded all remaining payments on each of the remaining 9.750% Notes, 10.375% Notes and 6.875% Debentures and as a result, all such notes will be satisfied and discharged as of Rite Aid’s fiscal year end.

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