Union, N.J. – Bed Bath & Beyond is making a suggestion it hopes buyers received’t refuse.
Searching for to unearth greater than $1 billion in new money, the corporate late this afternoon introduced a proposed providing of shares of its Collection A convertible most well-liked inventory, warrants to buy shares of Collection A convertible most well-liked inventory and warrants to buy the corporate’s widespread inventory.
If that providing closes, BBB will have the ability to amend its credit score settlement to waive any excellent defaults or occasions of default underneath its present credit score amenities. The closing would additionally unleash an extra $100 million of loans from Sixth Road Specialty Lending, Inc., its FILO agent.
The corporate plans to mix the web proceeds from the preliminary closing of the providing with the $100 million to cowl a missed curiosity fee on its senior notes by March 3. Final week, Bed Bath & Beyond failed meet the Feb. 1 deadline for an interest payment of practically $30 million on greater than $1 billion in notes. The motion triggered a 30-day grace interval to get sq..
The modification would additionally lower Mattress Bathtub’s complete revolving dedication from $1.13 billion to $565 million. On Jan. 25, BBB obtained a discover of default and a request for quick fee on its asset-backed loans from JP Morgan, which is the executive agent underneath the corporate’s credit score facility.
On the time, the corporate knowledgeable the SEC that it didn’t have ample sources to repay what it owed on its credit score amenities.
See additionally:
!perform(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=perform(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.model=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, doc,’script’,
‘https://join.facebook.web/en_US/fbevents.js’);
fbq(‘init’, ‘693453330863834’);
fbq(‘monitor’, ‘PageView’);