Report: Bi-Lo goes up for sale
MAULDIN, S.C. Just a few months after completing its financial restructuring, Bi-Lo reportedly is for sale, according to published reports.
Reuters reported that the chain, which operates 207 stores across four states and is owned by Lone Star Funds, is being pursued by Kroger and Publix. Recently, Bi-Lo launched a health-and-wellness initiative called Thrive, which is designed to educate shoppers on healthy living alternatives. Bi-Lo also revealed itself as a “stronger, better” supermarket chain late last month at the grand reopening of its Greer, S.C., location.
“This redesigned store represents all the great things Bi-Lo is doing to provide customers tremendous savings without having to sacrifice the quality and service they desire,” Michael Byars, president and CEO of Bi-Lo, recently said. “We are proud of our teammates’ hard work on this collective effort and we look forward to exceeding the expectations of our customers.”
Lone Star declined to comment to the press regarding this matter.
Rite Aid announces financial initiatives
CAMP HILL, Pa. Rite Aid on Monday announced a pair of initiatives concerning the company’s credit facilities.
First, the Camp Hill, Pa.-based druggist intends to offer a $650 million aggregate principal amount of senior secured notes due 2020. The notes will be unsecured, unsubordinated obligations of Rite Aid and will be guaranteed by substantially all of Rite Aid’s subsidiaries. The guarantees will be secured on a senior lien basis.
The proceeds of the offering will be used, together with available cash, to repay and retire Rite Aid’s $648 million Tranche 4 Term Loan due 2015 under its senior secured credit facility, and to fund related fees and expenses.
Rite Aid also announced its intention to amend or replace its $1.2 billion existing revolving credit facility due 2012 with a new $1.2 billion revolving credit facility due 2015, for which Rite Aid had obtained $1.1 billion in commitments as of Aug. 6. The new revolving credit facility is expected to have reduced pricing and a five-year maturity, although the maturity shall be April 18, 2014, in the event that Rite Aid does not repay, refinance or otherwise extend the remaining term loans under its senior credit facility prior to that time and meets certain other conditions. Rite Aid also is seeking amendments to provide more flexibility under certain covenants in its senior credit facility.
PUR launches new faucet filter
CINCINNATI PUR, a Procter & Gamble brand, is makng access to clean drinking water easier than ever.
PUR’s newest innovation, the one-click faucet water filter, offers up to 100 gallons of great-tasting drinking water with just one click. The one-click faucet mount also offers a simple way to help provide clean drinking water to those who need it the most, the brand said. For each PUR one-click faucet mount purchase, one week of clean drinking water is provided to children in the developing world through PUR’s continued partnership with P&G’s Children’s Safe Drinking Water program.
The new PUR one-click faucet water filter can be purchased nationwide at major retailers. The systems are available in vertical and horizontal models in white, white with chrome, chrome and stainless finishes. Prices vary depending on retailer and model, ranging on average from $30 to $50.