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Pastimes : John Dessauer's Investors World
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To: DWB who started this subject6/19/2001 8:57:34 AM
From: Paul Lee   of 2346
 
Institutional Investors Increase Their Commitment to Purchase Shares of Rite Aid Common Stock to $402.4 MillionAs A Result, Company Has Reduced Its Offering of New Senior Notes Due 2008 To $150 Million
BUSINESS WIRE - June 19, 2001 08:30
CAMP HILL, Pa., Jun 19, 2001 (BUSINESS WIRE) -- Rite Aid Corporation (NYSE, PCX:RAD) today announced that institutional investors who previously agreed to invest $302.4 million in shares of Rite Aid common stock have increased their commitments to $402.4 million, which will result in a total private placement of 53.6 million shares (at $7.50 per share) of common stock when the transactions are completed.

The company said that as a result of the increase in the commitments, it has reduced its previously announced $200 million offering of new Senior Notes due 2008 to $150 million.

Both transactions are part of the company's $3.0 billion refinancing package which, when completed, will significantly reduce Rite Aid's debt and debt obligations maturing before March 2005. The company said today that it expects the refinancing to be completed by the end of June, earlier than previously anticipated.

Additionally, the company said it would release results for its First Quarter of Fiscal 2002 during the week of July 9.
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