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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bed Bath and Beyond Inc | NASDAQ:BBBY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0751 | 0.0693 | 0.0695 | 0 | 01:00:00 |
By Dean Seal
Bed Bath & Beyond Inc. bought back $31.5 million in bonds by issuing 2.8 million shares to the noteholder.
The home-goods chain said Wednesday that the senior notes will be exchanged for 1.8 million shares, another 100,000 shares will be issued to cover accrued and unpaid interest on the notes, and a further 900,000 shares will be exchanged for a $3.5 million cash payment from the noteholder.
The deal is expected to close on Nov. 14. When it does, the notes will be canceled or no longer outstanding. The proceeds of the transaction will be used for general corporate purposes, the company said.
"We continue to demonstrate progress towards securing a stronger financial position and enabling our strategic repositioning to better serve our customers and gain market share," Chief Executive Officer Sue Gove said. "Today's announcement outlines a strong framework and compelling opportunity to improve our balance sheet and liquidity by reducing long-term debt, lowering interest expense, and adding an infusion of new capital for equity."
The company's shares slipped half a percentage point to $3.98 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 09, 2022 08:24 ET (13:24 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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