UNION,
N.J., Sept. 1, 2022 /PRNewswire/ -- Bed Bath
& Beyond Inc. (NASDAQ: BBBY) today announced the successful
completion of its previously disclosed financing
agreements.
The Company has secured more than $500
million of new financing, including its newly expanded
$1.13 billion asset-backed revolving
credit facility ("ABL facility") and a new $375 million "first-in-last-out" facility ("FILO
facility"). The refinancing of the ABL facility was led by
J.P. Morgan, and Sixth Street Partners is serving as the Lender and
Agent for the Company's FILO facility. The enhanced liquidity is
expected to be utilized to support immediate strategic priorities
to drive traffic and sales and gain back customer relevance,
including rebalancing the assortment and inventory position.
Sue Gove, Director & Interim
Chief Executive Officer, commented, "Together with Sixth Street,
J.P. Morgan and our banking partners, this new financing will
bolster our liquidity and strengthen our balance sheet. We
are pleased to announce this critical step in moving Bed Bath &
Beyond in a positive direction by strengthening our financial
positioning. We are committed to utilizing our resources to
better serve our customers, drive growth, and recapture market
share to deliver returns for all stakeholders."
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is
an omnichannel retailer that makes it easy for our customers to
feel at home. The Company sells a wide assortment of merchandise in
the Home, Baby, Beauty and Wellness markets. Additionally, the
Company is a partner in a joint venture which operates retail
stores in Mexico under the name
Bed Bath & Beyond.
The Company operates websites at bedbathandbeyond.com,
bedbathandbeyond.ca, buybuybaby.com, buybuybaby.ca,
harmondiscount.com, and facevalues.com.
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SOURCE Bed Bath & Beyond