- Bed Bath & Beyond ( NASDAQ: BBBY ) shares fell 7% Monday morning after the omnichannel retailer announced additional senior notes exchanges and concurrent private placement of common stock with several institutional holders.
- The retailer entered into privately negotiated exchange agreements with holders of its 3.749% Senior Unsecured Notes due 2024, 4.915% Senior Notes due 2034 and 5.165% Senior Notes due 2044 as it works to further reduce long-term debt.
- The existing holders collectively exchanged ~$69M of 2024 notes, $5.8M of 2034 notes and $48.2M of 2044 notes.
- Bed Bath & Beyond ( BBBY ) will issue ~11.7M shares of common stock to the existing holders in exchange for the exchange notes, including accrued and unpaid interest thereon.
- The transaction is expected to close on or about November 16, 2022.
- The additional move follows the company's bond exchange transaction announced last week.
For further details see:
Bed Bath & Beyond dips as firm enters additional bond exchange transaction