Rite Aid
This article was originally published in The Rose Sheet
Executive Summary
Drug chain secures $640 mil. in additional financing from Citibank for working capital and general corporate purposes, the company announces June 14. The funding, part of a new $1 bil. senior secured credit facility, will be reimbursed August 2002; the balance will pay down the $300 mil. asset securitization facility. Rite Aid's refinancing program also includes the amendment of $3.2 bil. of debt, $2.2 bil. of which is led by J.P. Morgan. The debt will now mature Aug. 15, 2002. In addition, Rite Aid transferred $285 mil. in bank debt into common stock at $5.50 per share. J.P. Morgan holds $200 mil. of the debt
You may also be interested in...
OCA Applauds Organic Board's Recommendation To USDA: "Outlaw Nanotech"
With a push from the Organic Consumers Association, the National Organic Standards Board is recommending that the use of nanotechnology be strictly prohibited from products certified under the National Organic Program
Beauty Claims Inch Closer To Pharma As Cosmeceutical Sector Expands
Though global market-size estimates differ, analysts at SupplySide West 2010 in Las Vegas agreed that cosmeceuticals remain a promising growth vehicle
Marketing In Brief
ModiFace launches forecasting tool: Toronto-based virtual makeover firm introduces ShadeCast, a makeup sampling and forecasting tool based on behavioral tracking. ShadeCast is used in conjunction with iPhone application MakeUp, which allows consumers to virtually try on makeup in hundreds of shades from brands including Revlon, Cover Girl, Lancome and Clinique. ShadeCast offers 1,000 cosmetic shades from 40 brands and assigns a ShadeScore "to approximately position the [app's] hottest and most sampled color." ModiFace exec Nikkie Gatto likens the app to radio music playlists, helping consumers "looking to capture the current look, but also provide vital market intelligence to our retail channel partners," she says in Nov. 3 release. "The value of data to demonstrate the aggregate behavior will help the industry predict the latest trends and help cosmetic manufacturers better understand the color and products which most resonate with online and iPhone virtual makeover users," the company says