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SELECTED TRANSACTION DETAILS
Rite Aid Successfully Completes $3.15B Refinancing of Credit Facilities
Wednesday, December 26, 2018

Lenders/Participants Merrill Lynch [Joint Lead Arranger, Joint Bookrunner]
Wells Fargo Bank [Joint Lead Arranger, Joint Bookrunner]
Citigroup Global Markets [Joint Lead Arranger, Joint Bookrunner]
BMO Harris Bank [Joint Lead Arranger, Joint Bookrunner]
Capital One [Joint Lead Arranger, Joint Bookrunner]
Fifth Third Bank [Joint Lead Arranger, Joint Bookrunner]
ING Capital [Joint Lead Arranger, Joint Bookrunner]
MUFG Union Bank, N.A [Joint Lead Arranger, Joint Bookrunner]
PNC Capital Markets [Joint Lead Arranger, Joint Bookrunner]
SunTrust Robinson Humphrey [Joint Lead Arranger, Joint Bookrunner]
Bank of America [Administrative Agent, Collateral Agent]
Structure $2.7B Revolver; $450MM FILO Facility
Amount $3.150 Billion
Borrower(s) Rite Aid Corporation
Description A new senior secured credit agreement, consisting of a $2.7 billion senior secured asset-based revolving credit facility and a $450 million “first-in, last out” senior secured term loan facility. The new $3.15 billion credit facilities refinance Rite Aid’s existing $2.7 billion senior secured asset-based revolving credit facility that was scheduled to mature in January 2020. The new facilities extend the company’s debt maturity profile and provide additional liquidity. The new senior secured credit facilities mature in December 2023, subject to an earlier maturity on December 31, 2022 if Rite Aid has not repaid or refinanced its existing 6.125% Senior Notes due 2023 prior to such date. The Company’s new revolving credit facility will bear interest at a rate of LIBOR plus 125 to 175 basis points (or an alternate base rate plus 25 to 75 basis points), depending on availability under the revolving facility. The Company’s new senior secured term loan facility will bear interest at a rate of LIBOR plus 300 basis points (or an alternate base rate plus 200 basis points).
Industry Retail
Related Tags Bank of America, BMO Harris Bank, Capital One, Citigroup Global Markets, Fifth Third Bank, ING Capital, Merrill Lynch, MUFG Union Bank, PNC Capital Markets, SunTrust Robinson Humphrey, Wells Fargo Bank




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