Rite Aid Sells 2020 Medicare Part D Receivable to Trust Owned by Bank of America
August 13 2021 - 9:15AM
Dow Jones News
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.
Bank of America (NYSE:BAC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bank of America (NYSE:BAC)
Historical Stock Chart
From Apr 2023 to Apr 2024