Rite Aid takes in $57.5 million tenders of 7.7%, 6 7/8% senior notes

By Sarah Lizee

Olympia, Wash., Nov. 13 – Rite Aid Corp. announced the results of its cash tender offers to purchase up to $100 million of its outstanding $270,461,000 7.7% senior notes due 2027 and $68,442,000 6 7/8% senior notes due 2028.

As of 11:59 p.m. ET on Nov. 12, $18.1 million of the 2027 notes and $39.4 million of the 2028 notes were validly tendered. Rite Aid said it expects to accept all notes tendered in the offers.

As previously reported, the company had increased the offer price and extended the early tender premium for the previously announced cash tender offers.

As previously reported, the company is offering a total consideration of $667.50 per $1,000 principal amount of notes, increased from $610.00 for each $1,000 of notes originally.

Holders who tendered their notes by 11:59 p.m. ET on Nov. 12 are eligible to receive the total consideration.

The early tender date, which was initially set for 5 p.m. ET on Oct. 28, had been extended to coincide with the expiration of the offer.

Tenders may no longer be withdrawn.

If the aggregate amount of notes tendered had exceeded the tender cap, the company would have accepted tendered notes for purchase on a pro rata basis, as previously noted.

BofA Securities (888 292-0070 or 980 388-3646) is the dealer manager for the offers. Global Bondholder Services Corp. (866 470-3900, 212 430-3774, contact@gbsc-usa.com or https://www.gbsc-usa.com/riteaid/) is the information agent and depositary.

Rite Aid is a Camp Hill, Pa.-based drugstore chain.

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