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Effective URL: https://news.bloomberglaw.com/bankruptcy-law/bed-bath-beyond-starts-bond-swap-to-ease-balance-sheet-pain
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Bankruptcy Law
BED BATH & BEYOND STARTS BOND SWAP TO EASE BALANCE SHEET PAIN
By Eliza Ronalds-Hannon
Oct. 18, 2022, 2:51 PM
* Company is offering to exchange bonds due 2024, 2034 and 2044
* Some new notes would convert into equity at certain prices
Bed Bath & Beyond Inc.is asking creditors to swap unsecured bonds for new
secured obligations as the struggling retailer seeks to trim its debt load and
buy more time to execute a turnaround.
The exchange requires bondholders to take a substantial haircut from face value
of their holdings in most cases. The company is offering to swap three series of
notes due between 2024 and 2044 for as little as 21.75 cents on the dollar. Most
of the new notes would convert into equity if the retailer’s share price hits
around $12.
Bed Bath & Beyond shares were trading ...
To read the full article log in.
Learn more about a Bloomberg Law subscription.
Eliza Ronalds-Hannon
Bloomberg News
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ANALYSIS: Q3 STRONG FOR LAWYER EMPLOYMENT, MIXED FOR LEGAL FIELD
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