Rite Aid 2015 Annual Report Download - page 117

RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended February 28, 2015, March 1, 2014 and March 2, 2013
(In thousands, except per share amounts)
20. Supplementary Cash Flow Data
Year Ended
February 28, March 1, March 2,
2015 2014 2013
Cash paid for interest (net of capitalized amounts of $145, $197
and $399) ...................................... $ 384,329 $ 414,692 $ 482,145
Cash payments (refund) for income taxes, net .............. $ 6,665 $ 3,191 $ (776)
Equipment financed under capital leases .................. $ 6,157 $ 18,065 $ 7,906
Equipment received for noncash consideration ............. $ 1,600 $ 2,825 $ 3,285
Preferred stock dividends paid in additional shares .......... $ — $ 8,318 $ 10,528
Accrued capital expenditures .......................... $ 87,916 $ 72,841 $ 45,456
Gross borrowings from revolver ........................ $6,078,000 $2,668,000 $1,117,000
Gross repayments to revolver .......................... $4,753,000 $2,933,000 $ 588,000
21. Related Party Transactions
There were receivables from related parties of $15 and $19 at February 28, 2015 and March 1,
2014, respectively.
On July 22, 2013, the Jean Coutu Group announced that it had sold all of its 65,401,162 shares of
Rite Aid’s common stock. As a result of this sale, the Jean Coutu Group was required to cause its last
designee to resign from Rite Aid’s board of directors and, accordingly, Francois J. Coutu resigned from
Rite Aid’s board of directors effective November 8, 2013.
On September 26, 2013, the Company agreed to exchange eight shares of 7% Series G Convertible
Preferred Stock (the ‘‘Series G preferred stock’’) and 1,876,013 shares of 6% Series H Convertible
Preferred Stock (the ‘‘Series H preferred stock’’, collectively the ‘‘Preferred Stock’’) of the Company
(the ‘‘Exchange’’), held by Green Equity Investors III, L.P. (‘‘LGP’’) for 40,000,000 shares of the
Company’s common stock, par value $1.00 per share, with a market value of $190,400 at the $4.76 per
share closing price on the Settlement Date (as hereinafter defined), pursuant to an individually
negotiated exchange transaction. The Exchange settled on September 30, 2013 (the ‘‘Settlement Date’’).
The Preferred Stock, including additional shares representing earned but unpaid dividends as of the
Settlement Date, was redeemable by the Company for cash at 105% of the Preferred Stock’s $100 per
share liquidation preference or $199,937. The Company agreed to the Exchange as it was prohibited
under several of its debt instruments from using cash to effect the redemption of the Preferred Stock.
Following the Settlement Date, no shares of the Series G preferred stock or Series H preferred stock
remained outstanding and the Company’s restated certificate of incorporation was amended to
eliminate all references to the Series G preferred stock and Series H preferred stock. In accordance
with the terms of the Exchange, John M. Baumer, a member of the board of directors of the Company
and a limited partner of Leonard Green & Partners, L.P., an affiliate of the LGP, resigned from the
Company’s board of directors.
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