Press Releases

Shoppers Drug Mart Corporation announces the entering into of a new $200 million 364-day credit facility

Oct 17, 2008

TORONTO, Oct. 17 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC) today
announced that it has entered into a new senior unsecured 364-day credit
facility in the amount of up to $200 million. The bank credit facility is
available in a single drawdown to provide for a partial refinancing of the
Company's $300 million of medium term notes maturing October 24, 2008. Should
the Company elect to utilize all or part of this facility to refinance a
portion of the $300 million in maturing medium term notes, the balance of
funds required to complete the refinancing is expected to come from existing
sources of liquidity, including funds available to the Company under its
pre-existing committed $800 million revolving bank credit facility maturing
June 6, 2011, and cash provided by operating activities. On a consolidated
basis, after giving effect to the repayment of the maturing medium term notes,
no incremental debt of the Company is expected to be outstanding as a result
of these refinancing activities.

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
Québec). With more than 1,097 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 licenses
or owns more than 23 medical clinic pharmacies operating under the name
Shoppers Simply Pharmacy (Pharmaprix Simplement Santé in Québec). As well, the
Company owns and operates 66 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 Shoppers Drug Mart
Specialty Health Network Inc., a provider of specialty drug distribution,
pharmacy and comprehensive patient support services, and MediSystem
Technologies Inc., a provider of pharmaceutical products and services to
long-term care facilities in Ontario and Alberta.

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For further information: Media Contact: Tammy Smitham, Director, Communications & Corporate Affairs, (416) 490-2892, or, (416) 493-1220, ext. 5500; Investor Relations: (416) 493-1220, ext. 5678,