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Rite Aid Corp Bankruptcy Case Study!
1200 Intrepid Avenue, 2nd Floor
Phone: (717) 761-2633p:717 761-2633 Philadelphia, PA  19112  United States Ticker: RADCQRADCQ

Filed for Bankruptcy on 10/15/2023
Case #23-18993, filed in the U.S. Bankruptcy Court for the District of New Jersey (Trenton)


RITE AID CORP FILES (8-K) Disclosing Other Events, Financial Statements and Exhibits


New York, 7/10/2020 (CRMZ News Service) -- The following information has been extracted from the SEC Filing:

Item 8.01. Other Events.

On July 10, 2020, Rite Aid Corporation (the "Company") announced the early results of its previously announced exchange offer (the "Exchange Offer") and consent solicitation (the "Consent Solicitation"), relating to the Company's 6.125% Senior Notes due 2023 (the "Old Notes"). As more fully set forth in the press release announcing the early results and increase in the Maximum Amount (as defined below) and Exchange Consideration (as defined below) of the Exchange Offer and related Consent Solicitation, attached hereto as Exhibit 99.1, approximately 91.31% of the Old Notes were tendered prior to 5:00 p.m., New York City time, on July 9, 2020 (such date and time, the "Early Deadline"), and the requisite consents were received to adopt the proposed amendments (the "Proposed Amendments"). As a result, the Company, the guarantors party thereto, and The Bank of New York Mellon Trust Company, N.A. have executed a supplemental indenture to the Old Notes Indenture to effect the Proposed Amendments. As further noted in the offering memorandum and consent solicitation statement dated June 25, 2020, as supplemented on July 10, 2020 (the "Supplement" and, as supplemented, the "Offering Memorandum"), withdrawal and consent revocation rights have expired with respect to the Exchange Offer and Consent Solicitation. The Company will accept for purchase all of the Old Notes that were validly tendered (and not validly withdrawn) before the Early Deadline.

In addition, the Company announced that it has (i) increased the maximum amount of Old Notes that may be accepted for exchange (the "Maximum Amount") from $750 million to $1.125 billion and (ii) increased the "Exchange Consideration" for Old Notes validly tendered after the Early Deadline from $760 in principal amount of newly issued 8.000% Senior Secured Notes due 2026 (the "New Notes") and $184 in cash per $1,000 principal amount of Old Notes to $800 principal amount of New Notes and $191.50 in cash per $1,000 principal amount of Old Notes. The consideration for Old Notes tendered after the Early Deadline is the same as that for Old Notes tendered by the Early Deadline other than it does not include the consent payment of $2.50 in cash. All other terms and conditions to the Exchange Offer remain unchanged, including Old Notes tendered for exchange before the Early Deadline will be accepted in priority to Old Notes tendered after the Early Deadline.

Neither the press release filed herewith nor this Current Report on Form 8-K constitutes an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful.

The Exchange Offer and the issuance of the New Notes have not been and will not be registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act") or any other securities laws, and, unless so registered, the New Notes may not be offered, sold, pledged or otherwise transferred within the United States or to or for the account of any U.S. person, except pursuant to an exemption from the registration requirements thereof. Accordingly, the New Notes are being offered and will be issued only to holders that are (i) "qualified institutional buyers" as defined in Rule 144A under the Securities Act and (ii) persons outside the United States, that are not "U.S. persons" in compliance with Regulation S under the Securities Act and that are not acquiring the New Notes for the account or benefit of a U.S. person. Non-U.S. persons may also be subject to additional eligibility criteria. We refer to the holders of Old Notes who have certified to us that they are eligible to participate in the Exchange Offer pursuant to at least one of the foregoing conditions as "Eligible Holders." The ability of an Eligible Holder to participate in the Exchange Offer and Consent Solicitation also may be further limited, as set forth under "Notice to Investors" in the offering memorandum and consent solicitation statement.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release, dated July 10, 2020.

104 Cover Page Interactive Data File (formatted as inline XBRL).

2

View the complete 8-K filing.

View the full SEC Filings for RITE AID CORP


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