CPR for Rite Aid

Burns, Mairin
April 2003
Investment Dealers' Digest;4/28/2003, Vol. 69 Issue 17, p16
Trade Publication
Drugstore retailer, Rite Aid Corp. received a ratings upgrade from Standard & Poor's Corp., which helped improve prices of its outstanding debt and equity offerings and set the stage for a successful new round of bank financing.S &.P's decision to raise Rite Aid's corporate credit rating to B-plus from B, after the agency said it was pleased with the retailer's improved results and strengthened financial position, helped Rite Aid's stock shoot up almost eight percent in April 2003 to 3.42 dollar per share. Rite Aid is working on a bank loan to service some of its debt, and the retailer is hoping for some favorable terms. The proceeds of the loan will be used to repay a 1.37 billion dollar senior secured credit facility maturing in March 2005 and a 107 million dollar synthetic lease due March 2005, and to replace an existing 500 million dollar revolving credit facility.


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