TORONTO, April 22 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC) today announced that it has completed an amendment to its existing bank credit facility which matures in June of 2011, increasing the size of the facility from $550 million to $800 million. The bank credit facility is available for general corporate purposes, including refinancing existing indebtedness and to backstop the Company's commercial paper program. In conjunction with this amendment, the Company also announced that its commercial paper program has been increased from $300 million to $500 million. The Company's commercial paper program retains its rating of R-1(low) by Dominion Bond Rating Service. On a consolidated basis, no incremental debt has been incurred by the Company as a result of these changes.
About Shoppers Drug Mart Corporation
Shoppers Drug Mart Corporation is one of the most recognized and trusted names in Canadian retailing. The Company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in Quebec). With more than 1,080 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the Company is one of the most convenient retailers in Canada. The Company also owns and operates 65 Shoppers Home Health Care stores, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, the Company owns MediSystem Technologies Inc., a provider of pharmaceutical products and services to long-term care facilities in Ontario and Alberta.
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