Rite Aid Corporation (NYSE:RAD) shares touching new peaks

by Loventrice Farrow | Friday, Jun 21, 2013 | 689 views

Northern, WI 06/21/2013 (usastockreport) – The share prices of Rite Aid Corporation (NYSE:RAD) had surged by 7.40 percent to close at $2.88 per share for the end of last trading session on Thursday. The shares of the company had been trading in the range of $2.80 to $3.05 per during the day, which had pushed the company to hit new peaks. The shares of Rite Aid Corporation (NYSE:RAD) had a market capitalization of $2.61 billion. The stock opened at $3.03 per share.

Rite Aid Corporation (NYSE:RAD), which trails Walgreen Co and CVS Caremark Corp in size, has been remodeling stores and emphasizing its loyalty program to attract customers. Rite Aid Corporation (NYSE: RAD ) raised the offering of senior notes to $810 million. The company had announced its intention to offer $400 million senior notes maturing in 2021.This is the second time that Rite Aid is implementing a refinancing scheme. The new senior notes will carry a coupon rate of 6.75% and mature in 2021. The offering is expected to close on Jul 2, 2013.

Rite Aid Corporation is a retail drugstore chain in the United States. As of March 3, 2012, the Company Rite Aid Corporation (NYSE:RAD)  operated drugstores in 31 states across the country and in the District of Columbia. As of March 3, 2012, it operated 4,667 stores. In the Company’s stores, it sells prescription drugs and a range of other merchandise, which it calls front end products. During the fiscal year ended March 3, 2012 (fiscal 2012), prescription drug sales accounted for 68.1% of its total sales. The Company carries a range of front end products, which accounted for 31.9% of its total sales in fiscal 2012. Front end products include over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, beverages, convenience foods, greeting cards, seasonal merchandise and other everyday and convenience products, as well as photo processing. The company had an institutional investor’s shareholdings as 47 percent. Rite Aid Corporation (NYSE:RAD) had an average volume of 22.14 million.

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