Bed Bath & Beyond Sheds $123 Million in Debt With Share Swap

Dow Jones2022-11-14

Bed Bath & Beyond Inc. has agreed to reduce $123 million in debt by issuing 11.7 million shares to several existing institutional holders.

The home-goods chain said Monday that it would issue the shares in exchange for 13.109% of all senior unsecured notes. The notes mature in 2024, 2034 and 2044 and will cancel upon the closing of the deal, which is expected to happen Wednesday, the company said.

Last week, the company executed a similar buyback of $31.5 million in debt with the issuance of 2.8 million shares.

"We are pleased to announce additional progress towards greater financial flexibility, with further reduction of our long-term debt, particularly our nearest-term 2024 notes," Chief Executive Officer Sue Gove said.

Shares fell 10%, to $3.56, in morning trading Monday.

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SPOT_ON
2022-11-15
SPOT_ON
Ok
alod
2022-11-15
alod
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AlanChong
2022-11-15
AlanChong
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ericbqlee
2022-11-15
ericbqlee
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ElaineCyl
2022-11-15
ElaineCyl
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ericbqlee
2022-11-15
ericbqlee
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