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Non-Tech : Rite-AID (RAD) Overdone or Done In? -- Ignore unavailable to you. Want to Upgrade?

To: Marty Rubin who wrote (572)	2/27/2001 8:30:04 PM
From: Marty Rubin	Respond to of 700

Summery: RAD wants to "monetize" ADVP (6.25M sh + $200M bond). Its wish may come true within two months, when I expect both to close. Here's a summery: RITE AID COMPLETES SALE OF PCS HEALTH SYSTEMS TO ADVANCE PARADIGM CAMP HILL, PA, October 3, 2000-... ...Rite Aid received $675 million in cash, $200 million in senior subordinated notes, and preferred stock in what will be known as AdvancePCS. The preferred stock will be convertible upon receipt of stockholder approval into 6.25 million shares of common stock valued at $255 million based on the October 2, 2000 closing price. Other financial considerations including approximately $200 million for forgiveness of inter-company debt, $38 million in proceeds from the sale leaseback of the PCS headquarters building, and $20 million in excess real estate bring the value of the sale to Rite Aid to approximately $1.4 billion. ... riteaid.com ____ Rite Aid to sell 5.4 mln Advance PCS shrs By Ted Knutson, BridgeNews Washington--Feb. 16--Rite Aid plans to sell 5.434 million AdvancePCS shares in an offering, according to a Securities and Exchange Commission filing Friday. AdvancePCS will be receiving no proceeds from the offering. * * * Merrill Lynch and Banc of America are the co-lead underwriters, with participation from Credit Suisse First Boston, JP Morgan, CIBC World Markets and Robinson-Humphrey. The underwriters over-allotment will be up to 652,000 shares for the U.S. underwriters and 163,000 shares for the international underwriters. .... #reply-15382286 ___ AdvancePCS Announces Proposed Private Placement IRVING, Texas--(BW HealthWire)--Feb. 27, 2001--AdvancePCS (Nasdaq: ADVP - news) Tuesday announced that it intends to offer approximately $200 million of notes. The offering will be made by means of an offering memorandum to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended, and is expected to close in March. AdvancePCS will use the net proceeds from the offering to repay existing senior subordinated indebtedness. .... #reply-15421156 ________ Source: Word "Monetize": RAD 01.09.2001 Q3 Conference Call. News links: Rite Aid, Bridge, and AdvancePCS. ...and BTW, ao Sep 30, 2000, the only $200M and/or subordinated is from the above transaction (SEC, 10Q: sec.gov, although ADVP's news release doesn't mention RAD's name.

To: Marty Rubin who wrote (572)	2/28/2001 12:27:04 PM
From: Marty Rubin	Read Replies (2) \| Respond to of 700

-- [B] AdvancePCS $200 mln 7-yr notes via B of A, Merrill Lynch -- --AdvancePCS $200 mln 7-yr notes on road through March 8 By Jon Abrahamson, BridgeNews Boulder, Colo.--Feb. 28--AdvancePCS is planing to sell its $200 million offering of seven-year senior notes via joint-book managers Banc of America and Merrill Lynch, syndicate sources said. * * * The Irving, Texas-based provider of health improvement services is scheduled to begin a roadshow for the deal on Wednesday, running through March 8. The company said it plans to use proceeds from the offering to repay existing senior subordinated debt. End [Begin Bridgelinks] Jon Abrahamson, BridgeNews, Tel: (303) 583-4441 Send comments to Internet address: debt@bridge.com [End Bridgelinks] Copyright 2001 Bridge Information Systems Inc. All rights reserved.