Bed Bath & Beyond announces pricing of offering of convertible preferred stock and warrants
Bed Bath & Beyond Inc. (BBBY) announced the pricing of an offering of preferred stock and warrants early Tuesday that it had previously disclosed late Monday The troubled home goods retailer said it expects to raise about $225 million by issuing convertible preferred stock and warrants, as well as about $800 million from the issuance of securities requiring the holder to exercise warrants to purchase shares of preferred stock. The company expects at closing to issue 23,685 shares of convertible preferred stock, warrants to buy 84,216 shares of convertible preferred stock and warrants to purchase 95.4 million shares of the company's common stock. Proceeds will be used along with $100 million to be drawn under an amended and upsized FILO facility to repay revolving loans under its ABL facility. That facility has been amended to waive existing defaults and allow it meet interest payments by March 3. The stock was down 37% premarket.
-Ciara Linnane
(END) Dow Jones Newswires
February 07, 2023 08:43 ET (13:43 GMT)
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