UNION, N.J. — Mattress Bathtub & Past Inc. introduced at this time that, concurrent with a brand new, “at-the-market” offering program launched earlier at this time, it has additionally entered into a common stock purchase agreement and a registration rights agreement with B. Riley Principal Capital II LLC to offer extra capital to the corporate.
Earlier, Mattress Bathtub & Past filed a prospectus complement with the SEC underneath which it might provide and promote as much as $300 million of frequent inventory shares by means of an “at-the-market” providing program.
Frequent Inventory can be supplied by means of B. Riley Securities Inc., which is serving because the gross sales agent. Gross sales could also be made at market costs prevailing on the time of a sale or at costs associated to prevailing market costs.
The potential proceeds from the transaction can be used to satisfy situations in an modification to the retailer’s credit score facility, filed earlier at this time. BBB expects to make use of the credit score for initiatives resembling investing in merchandise stock supported by a realigned retailer footprint and value construction.
“The actions we’ve taken have enabled us to create the required monetary runway to start restoring our iconic Mattress Bathtub & Past and Buybuy BABY companies,” mentioned Sue Gove, president and CEO. “We have now raised $360 million of fairness capital for the reason that starting of February, cured our default underneath our credit score settlement, repaid materials quantities of our ABL facility, accomplished our curiosity cost for our Senior Notes, all whereas jumpstarting our turnaround plans.”
On the identical time, BBB is terminating its earlier public fairness providing and all excellent warrants for Collection A Convertible Most well-liked Inventory related to that providing. The corporate intends to file a registration assertion on Kind S-1, upon the effectiveness of which it could be permitted to start promoting extra securities pursuant to its phrases.
As of March 27, Mattress Bathtub and Past had a complete of roughly 435 million shares of frequent inventory issued, and roughly 295 million shares of frequent inventory out there for issuance.
At the side of these actions, BBB supplied preliminary monetary outcomes for the fiscal 2022 fourth quarter, ended Feb. 25:
- Web gross sales of roughly $1.2 billion
- Comparable gross sales decline within the 40% to 50% vary
- Continuation of adverse working losses
- Modest free money move utilization
See additionally:
!operate(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=operate(){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’);
