Bed Bath & Beyond Sheds $123 Million in Debt With Share Swap
November 14 2022 - 9:51AM
Dow Jones News
By Dean Seal
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 7.6%, to $3.65, in pre-market trading Monday.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 14, 2022 09:36 ET (14:36 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Bed Bath and Beyond (NASDAQ:BBBY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bed Bath and Beyond (NASDAQ:BBBY)
Historical Stock Chart
From Apr 2023 to Apr 2024