A&P refinances credit facilities, looks to ‘accelerate growth strategies’
MONTVALE, N.J. — A&P has completed the refinancing of its existing senior debt, which it says will enable the company to further invest in the business and ramp up growth strategies.
A&P has partnered with Wells Fargo Capital Finance to arrange the new $300 million senior secured ABL facility and $270 million senior secured term loan through an amendment and restatement of its existing credit agreements.
According to A&P, its enhanced capital structure is the latest indication of the company’s improved business fundamentals, and follows the upgraded ratings outlooks issued by each of Moody’s and Standard & Poor’s earlier this year. The new covenant-free debt arrangement provides for a significant reduction in interest expense and enhanced liquidity.
“We are extremely pleased to have completed the refinancing of our credit facilities on attractive terms that reduce our borrowing costs and provide greater operational and financial flexibility. Our new senior debt puts the company in a much stronger financial position and allows us to focus on investing in our business by supporting and accelerating our growth strategies,” stated Paul Hertz, president and CEO.
Superior front-end experience, improved patient outcomes will define Rite Aid’s success
"We're tracking right on target and we are going to start opening them in several months. So you are going to see them aggressively rolling out and we are very excited about the opportunity that lies ahead of us here," Martindale told analysts during that second-quarter conference call. That additional foot traffic not only gives Rite Aid the opportunity to showcase their superior front-end offering, but also generates incremental prescription business.
New Neighbourhood Pharmacy Association of Canada created to serve as strong voice for industry
TORONTO — Looking to serve a strong voice and advocate for Canada’s neighborhood pharmacy as they play an increasingly important role in healthcare is the new Neighbourhood Pharmacy Association of Canada.
The association represents the operators of Canada’s approximately 6,500 chain, banner and franchise neighborhood pharmacies, as well as grocery chains and mass merchandisers with pharmacies.
“Neighbourhood pharmacy is an essential and increasingly important healthcare service provider, that is enhancing patient outcomes, reducing overall healthcare costs and improving access to care by delivering services closer to where Canadians live, work and play,” stated Neighbourhood Pharmacy’s board chair Frank Scorpiniti, CEO of Rexall.
The organization draws strength from Canadians’ strong and increasingly positive view of neighborhood pharmacies. According to a recent national survey, overall favorability has increased to 76.1%, from 68.9% in 2013. Canadians also see pharmacies as being friendly (90.5% agree or somewhat agree) and providing advice that is accessible (89.5%) and affordable (84.2%) — and more Canadians attribute all three of these characteristics to pharmacies in 2014 than in 2013.
Furthermore, neighborhood pharmacy helps save the Canadian healthcare system more than $12.5 billion annually, according to the association, preventing adverse drug reactions, operating an efficient supply chain and by providing innovative drug therapies and lower-cost generic drugs.
“Neighbourhood Pharmacy exists to help connect our members with governments and others in healthcare to identify, research and develop proposals that deliver tangible health and economic benefits for Canadians,” stated Denise Carpenter, president and CEO of the association. “Our healthcare delivery system faces significant challenges from rising costs and an aging population. Access to healthcare, closer to home, plays a significant role in driving better patient outcomes and reducing overall healthcare costs.”
Neighborhood pharmacies employ approximately 500,000 Canadians in settings ranging from independent retailers to larger chain pharmacies. In 2013, the broader pharmacy industry unveiled “9000 Points of Care,” a policy platform to improve access to affordable healthcare.
“Our public policy platform, “9000 Points of Care,” identifies strategies to make better use of the broader pharmacy community’s capabilities. We are poised to work with governments and others in the healthcare community to demonstrate the efficacy of these strategies so that they can be implemented around the country,” added Carpenter.
In addition to Scorpiniti and Carpenter, Vivek Sood, GM of Sobeys Pharmacy Group, serves as board vice chair. Additional board members include Dorian Lo, EVP pharmacy and healthcare at Shoppers Drug Mart/Pharmaprix; Genevieve Fortier, SVP human resources, government affairs, corporate communications at McKesson Canada; Charles Milliard, EVP of Uniprix; Eric Muir, SVP, health and wellness at Walmart Canada; John Tse, VP, pharmacy and cosmetics at London Drugs; and Rita Winn, GM and COO at Lovell Drugs.