Bed Bath & Beyond to exchange some 2024, 2034, 2044 notes for stock

By Marisa Wong

Los Angeles, Nov. 14 – Bed Bath & Beyond Inc. entered into privately negotiated exchange agreements with several existing institutional holders of its 3.749% senior notes due 2024, 4.915% senior notes due 2034 and 5.165% senior notes due 2044, according to a press release.

The existing holders collectively exchanged about $69 million of the 2024 notes (being all of the existing holders’ beneficially owned 2024 notes), $5.8 million of 2034 notes and $48.2 million of 2044 notes.

Under the exchange agreements, Bed Bath & Beyond will issue an aggregate of roughly 11.7 million shares of common stock to the existing holders in exchange for the exchanged notes, including accrued interest.

Following the closing of the transaction, expected to be on or around Nov. 16, the exchange notes will be canceled.

The company made similar exchanges of the 2034 notes and the 2044 notes earlier this month, as previously reported.

Based in Union, N.J., Bed Bath & Beyond operates a chain of domestic merchandise retail stores.

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