Pharmacy chain Fred’s Inc. has secured more financing to buy Rite Aid Corp. stores, a key step in the effort to help Walgreens overcome antitrust concerns and win federal approval to purchase Rite Aid.
Tennessee-based Fred’s, which operates in 15 southeastern states, informed the Securities and Exchange Commission on Monday that it agreed with lenders to increase store-purchase financing by $450 million, raising the total from $1.2 billion to $1.65 billion.
The move comes as reports late last week suggest that federal antitrust regulators might be poised to block Walgreens’ purchase of Rite Aid.
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