Rite Aid Message Board - Msg: 17122477

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Non-Tech : Rite Aid

RAD 0.648

0.0%

Oct 16 5:00 PM EST

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To: Marty Rubin who wrote (4)	2/27/2002 1:30:34 PM
From: Marty Rubin	of 42

Settlemet was in 2006 Notes Here's a quote from the same post (#reply-17121932 ): "Until the judgement entered by the U.S. District Court for the Eastern District of Pennsylvania approving the settlement of the shareholder suits becomes final, the senior secured notes to be issued, which will mature in 2006, will bear interest at a floating rate. "When the judgement becomes final, the interest rate will be reset to the rate necessary to cause the notes to trade at par on that date." __ I was more concern over the amendment to covenants that will provide RAD with more flexibility. I got that. I feared a default if it was not amended since RAD had to keep 8% SSS (calculated to meet minimum EBITDA) under covenant. RAD will be paying 25 b.s. more, or $4M more in interest. However, since the hedge RAD had on [part of their] debt expires in a few months, RAD will have a net decrease in interest payments since we have much lower rates today than when RAD first bought this derivative. Good day.

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