07.02.2023 02:29:42

Bed Bath & Beyond Plans To Raise About $1 Bln To Avoid Bankruptcy

(RTTNews) - Bed Bath & Beyond Inc. (BBBY) plans to raise about $1 billion through an offering of preferred stock and warrants in a last-ditch effort to avoid bankruptcy.

BBBY closed Monday's regular trading at $5.86 up $2.81 or 92.13%. But in the after-hours trading, the stock dropped $2.16 or 36.86%.

The company said it expects to raise approximately $225 million of gross proceeds in the offering together with an additional approximately $800 million of gross proceeds through the issuance of securities requiring the holder thereof to exercise warrants to purchase shares of Series A Preferred Stock in future installments assuming certain condition are met.

The company intends to use the net proceeds from the initial closing of the Offering, along with $100 million to be drawn under its amended and upsized FILO Facility, to repay outstanding revolving loans under its ABL Facility.

B. Riley Securities is acting as sole book-running manager for the Offering.

Last month, Bed Bath & Beyond said it continued to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code.

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