Rite Aid’s $3.7 Billion Credit Facility

Cravath represented the joint lead arranger and the joint bookrunning manager, Wells Fargo Bank, N.A., and the agent, Citicorp North America, Inc., in connection with the arrangement of a $3.7 billion asset‑based revolving credit facility made available to Rite Aid Corporation to refinance existing indebtedness and for general corporate purposes. Rite Aid is one of the nation’s leading drugstore chains and is the largest drugstore chain on the East Coast. The transaction closed on January 13, 2015.

The Cravath team included partners B. Robbins Kiessling and Stephen M. Kessing, practice area attorney Jin Hee Kim and associate Andrew B. Langworthy on banking matters and partner J. Leonard Teti II and foreign associate attorney Timur G. Celik on tax matters. Zachary A. Portnoy also worked on banking matters.