Pamida, supplier partners raise more than $1.3 million for charity
OMAHA, Neb. A regional retailer and its supplier partners raised more than $1.3 million in funds to directly support nonprofit organizations.
Pamida said that its two-day charity event held last month exceeded funds raised in the prior year. The annual event, which was established in 2000, supports organizations in Pamida communities through vendor contributions and participation. More than 75% of the proceeds raised by the annual Pamida Foundation event will directly benefit the communities, the company said.
This year, top contributors to the event included McKesson Corp. and Procter & Gamble, the company said.
The Pamida Foundation supports more than 800 charitable organizations that focus on education, health and social services. One-third of all Pamida Foundation contributions made this year supported healthcare organizations such as hospitals and medical centers, cancer centers, heart foundations, hospice organizations, pharmacy organizations, senior centers and foundation walks. In 2008, the Foundation donated more than $700,000 to organizations to better the lives of citizens in their communities.
“We thank all of our vendors for their support and participation at the event and for their continued partnership,” said Laurie Wharton, SVP marketing and president of the Pamida Foundation. “With their generous donations we are able to help educate youth, and provide assistance to individuals with disabilities, the underprivileged and families in need in our communities.”
Pamida, headquartered in Omaha, Neb., operates 207 stores in 17 states.
Rite Aid completes refinancing of securitization facilities
CAMP HILL, Pa. Rite Aid on Monday successfully completed its previously announced plan to refinance its existing first lien accounts receivable securitization facility and second lien accounts receivable securitization facility due September 2010. As a result of the refinancing, Rite Aid has refinanced all of its September 2010 debt maturities.
As of Oct. 23, 2009, there was $475 million outstanding under the securitization facilities. The refinancing consists of an offering of $270 million aggregate principal amount of 10.25% senior secured notes due 2019 (with a yield to maturity of 10.375%, based on an offering price of 99.242% per note), commitments to increase the maximum borrowing capacity under Rite Aid’s existing senior secured revolving credit facility from $1 billion to $1.175 billion, and an increase in borrowings under Rite Aid’s existing $525 million senior secured term loan due June 2015 by $125 million to $650 million.
Former Rite Aid executive becomes Value Drug Co. president
ALTOONA, Pa. Greg Drew last week joined Value Drug Co. as president, the regional pharmacy wholesaler announced.
Drew most recently served as a consultant through his company Pharmacy Expertise. Prior to founding Pharmacy Expertise, Drew served as VP pharmacy health services for Rite Aid and as GM of Rite Aid Health Solutions.
Drew will be responsible for Value Drug’s long term business development as well as all operations and management of the company, reporting to John L. Letizia, Value Drug chairman and CEO.
Value Drug is a cooperative company providing wholesale drug distribution and various other services to its members.