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Rite Aid Sells 2020 Medicare Part D Receivable to Trust Owned by Bank of America

13/08/2021 2:15pm

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By Dave Sebastian

 

Rite Aid Corp. said its subsidiary sold to a trust owned by Bank of America the 2020 Medicare Part D final reconciliation payment that is anticipated to be paid by the Centers for Medicare and Medicaid Services on or about Nov. 1.

The book value of the receivable as of June 30 was $271.8 million, Rite Aid said Friday. The company said net cash proceeds were $239.4 million, which it plans to use for repaying borrowings under a revolving credit facility.

The sale results in a non-operating loss of $13.6 million, Rite Aid said.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

August 13, 2021 09:00 ET (13:00 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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