Standard & Poor's Ratings Services has updated its recovery analysis on Camp Hill, Pa.-based pharmacy operator Rite Aid Corp. following the company's partial refinancing of its capital structure. The recovery and issue-level ratings remain unchanged. Our recovery analysis simulates a default occurring in 2015 because of increased competition that occurs amid a significant decline in the economy. Rite Aid Corp.'s capital structure comprises secured debt (first-lien and second-lien), unsecured debt with subsidiary guarantees, and unsecured debt without subsidiary guarantees. Rite Aid's secured debt consists of a $1.75 billion revolving credit facility maturing in 2018, a $333 million tranche 5 term loan maturing in 2018, and a $900 million tranche 6 term loan maturing in 2020. The company is also the...
Companies mentioned in this report are:
- Rite Aid Corp.
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