RITE AID CORP: going-concern / distress — Rite Aid gets court approval for $604M seller financing to MedImpact for Elixir sale; no other bids.

RITE AID CORP

Bankruptcy Court approved seller financing of up to $604M to MedImpact for Elixir pharmacy benefit manager sale.
MedImpact named successful bidder for Elixir Assets after no other qualified bids by Dec 18 deadline.
DIP ABL facility ($3.25B) and DIP term loan ($200M) received final court approval on Dec 22, 2023.
Company warns equity holders could face significant or complete loss; trading in securities highly speculative.
Hearing to approve Elixir sale set for Jan 9, 2024; closing subject to customary conditions.

item 1.01 item 1.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

RITE AID CORP entered chapter 11 in United States Bankruptcy Court for the District of New Jersey.

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of New Jersey

Exact text from the filing

under chapter 11 (the “Chapter 11 Cases”) of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RITE AID CORP entered into Second Amended and Restated Credit Agreement with MI OpCo Holdings, Inc., MI OpOco H2, LLC, and other guarantors valued at not to exceed $604 million (effective 2023-11-07).

Action: entry
Agreement: credit facility
Counterparty: MI OpCo Holdings, Inc., MI OpOco H2, LLC, and other guarantors
Value: not to exceed $604 million
Effective: 2023-11-07

Exact text from the filing

The Seller Financing provides for the Company to serve as a lender to certain borrower affiliates of MedImpact in a term loan facility in an aggregate principal amount not to exceed $604 million, pursuant to that certain Second Amended and Restated Credit Agreement, dated as of November 7, 2023

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Source: SEC EDGAR

accession 0001104659-23-129388

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