Sue Gove, Bed Bath & Beyond's President and CEO 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.
Bedbath and beyond registration#
This transaction is exempt from registration under Section 4(a)(2) and Rule 506(c) under the Securities Act of 1933. The transaction is expected to close on or about November 14, 2022, subject to customary closing conditions. The proceeds of the private placement of common stock will be used for general corporate purposes. Following the closing of the transaction, the exchange notes will be cancelled and no longer outstanding. Pursuant to the exchange agreement, Bed Bath & Beyond will issue an aggregate of approximately 2.8 million shares of common stock to the existing holder, consisting of the issuance of (a) 1.8 million shares in exchange for the exchange notes, (b) 0.1 million shares in satisfaction of including accrued and unpaid interest thereon the exchange notes, and (c) 0.9 million shares in exchange for a cash payment from the existing holder of $3.5 million (the "transaction"). The existing holder owns approximately $9.5 million aggregate principal amount of 2034 notes and $22.0 million aggregate principal amount of 2044 notes (collectively, the "exchange notes"). (NASDAQ: BBBY) today announced that it has entered into a privately negotiated exchange agreement with an existing holder of its 4.915% Senior Notes due 2034 (the "2034 notes") and 5.165% Senior Notes due 2044 (the "2044 notes"). 9, 2022 /PRNewswire/ - Bed Bath & Beyond Inc.
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