Bed Bath & Beyond Inc said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy.
Bed Bath said it was planning to raise just over $1 billion through sales of preferred stock and warrants and from securities when the warrants are exercised.
The embattled retailer said it would use the proceeds of the offering to repay outstanding revolving loans which it would then use to make an interest payment on bonds it missed on February 1. It also plans to draw an additional $100 million from a first-in-last-out loan from investment firm Sixth Street, that takes priority for repayment in a possible bankruptcy.
Bed Bath & Beyond also appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer.
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Bed Bath & Beyond moves to raise $1 bln as bankruptcy clouds loomBed Bath & Beyond Inc said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants, in a last-ditch effort to stave off bankruptcy.
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Bed Bath & Beyond is trying to raise money despite bankruptcy loomingBed Bath & Beyond is trying to take advantage of an unexpected surge in its share price by announcing the sale of a new set of securities that could raise more than $1 billion.
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Bed Bath & Beyond plans to sell shares in bid to avoid bankruptcyStruggling retailer Bed Bath & Beyond said Monday it plans to sell shares of the company in hopes of generating enough cash to avoid filing for bankruptcy.
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WSJ News Exclusive | Bed Bath & Beyond Strikes Investor Deal for Over $1 Billion to Avoid BankruptcyThe distressed retailer has secured investor backing for a more than $1 billion capital raise to stave off bankruptcy and try to turn around its flagging business, people familiar with the matter said.
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Bed Bath & Beyond in Wilmette to close as retailer shuts down locations nationwideWilmette’s Bed Bath & Beyond in Edens Plaze will be closing as the financially-troubled retailer is paring down operations nationwide. No final closing date has been announced.
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