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Why Bed Bath & Beyond Shares Are Nosediving

Benzinga Real-time News ·  Dec 7, 2022 00:25

$Bed Bath & Beyond Inc (BBBY.US)$ shares are trading lower by 9.66% to $3.26 Tuesday morning. The company today announced that it has further extended its previously announced offers to exchange any and all of its outstanding Senior Notes.

What Else?

Per Bed Bath & Beyond, each of the Exchange Offers and Consent Solicitations, which were previously scheduled to expire at 11:59 p.m. ET on December 5, 2022, has been extended until 11:59 p.m. ET on December 19, 2022.

The company says Tuesday's extension includes the offers to exchange:

(i) 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, at the option of the holder of the 2024 Notes;

(ii) 4.915% Senior Notes due 2034 for new 12.000% Senior Third Lien Secured Convertible Notes due 2029; and

(iii) 5.165% Senior Notes due 2044 for New Third Lien Convertible Notes.

Bed Bath & Beyond says except for the extension of the Expiration Time and Withdrawal Deadline, all other terms of the Exchange Offers and Consent Solicitations remain unchanged.

According to data from Benzinga Pro, BBBY has a 52-week high of $30.06 and a 52-week low of $2.96.

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