Rite Aid moves to finish refinancing 2010 debts

Camp Hill, Pa. Rite Aid Corp. said Monday it has moved closer to refinancing the rest of its debts due in 2010.

The company said it plans to sell $250 million in senior notes due 2019, with the proceeds being used to pay back and cancel accounts receivable securitization facilities, and fund-related fees and costs. Rite Aid will also borrow more money from a term loan due in 2015, and will increase the borrowing capacity of its senior secured revolving credit facility.

After the refinancing is complete, Rite Aid said it will not have any debts due before September 2012. The company finished refinancing the rest of its September 2010 debt in June.

The company has been working to refinance and pay off its debt, which stood at $5.91 billion as of Aug. 29.