Bed Bath & Beyond announced a special record date of February 27 for payment of interest due as of February 1 on the company’s senior notes, characterizing that payment as a step in getting the company back on financial track.
Interest previously due on February 1 will be paid on February 28 to holders of senior notes as of the special record date, Bed Bath & Beyond stated.
In announcing the transaction, Sue Gove, Bed Bath & Beyond president and CEO, said, “Building on the transformative equity financing we announced earlier this month, we continue to work on improving our financial position and optimizing value for all our stakeholders. Today’s announcement is an important step in resetting our operational and financial foundation and meeting our commitments. We remain focused on utilizing our current and future financing to execute our turnaround plans and restore our position with customers.”
Bed Bath & Beyond has pre-funded the full amount of the February 1 interest to be paid to holders of senior notes on the special payment date with The Bank of New York Mellon, trustee of the senior notes, the company stated. The transaction involves Bed Bath & Beyond’s 3.749% Senior Notes due 2024, 4.915% Senior Notes due 2034 and 5.165% Senior Notes due 2044.
