Bed Bath & Beyond has announced that it has further extended its previous offers to exchange any and all of its outstanding senior notes after limited success in getting holders to make the trade-ins.
The extension includes offers to convert 3.749% senior notes due 2024 for new 3.693% senior second lien secured non-convertible notes due 2027 and/or new 8.821% senior second lien secured convertible notes due 2027. It also covers exchanging 4.915% senior notes due 2034 for new 12% senior third lien secured convertible notes due 2029 as well as 5.165% senior notes due 2044 for new third lien convertible notes.
In connection with the exchange offers, Bed Bath & Beyond also is soliciting consent to amend the indenture governing the old notes, the company pointed out.
Bed Bath & Beyond extended each of the Exchange Offers and Consent Solicitations, previously scheduled to expire at 11:59 p.m., New York time, on December 5 until 11:59 p.m., New York time, on December 19, the company stated. Tenders of old notes may be withdrawn at any time at or prior to the expiration time, but not thereafter, subject to specific conditions.
As of 11:59 p.m., New York time, on December 5, the principal amounts of old notes validly tendered and not validly withdrawn was, according to Bed Bath & Beyond, 17.58% of the 3.749% senior unsecured notes due 2024, 24.9% of the 4.915% senior unsecured notes due 2034 and 11.16% of the 5.165% senior unsecured notes due 2044.
Bed Bath & Beyond first announced initiatives to exchange existing notes for other vehicles in mid-October and announced additional actions to boost its finances later in the month and then again in early November. The company announced its first extension of the exchange offer for the senior notes due 2024, 2034 and 2044 on November 16 and a second extension on November 21. At that time, it noted, holders had tendered and not withdrawn 16.45% of the 2024 notes, 24.46% of the 2034 notes and 11.1% of the 2044 notes.
