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Bed Bath & Beyond Inc. Announces Completion of ABL Facility Upsizing and New FILO Loan
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UNION, N.J., Sept. 1, 2022 /PRNewswire/ -- Bed Bath & Beyond Inc. (NASDAQ: BBBY) today announced the successful completion of its previously disclosed financing agreements.
The Company has secured more than $500 million of new financing, including its newly expanded $1.13 billion asset-backed revolving credit facility ("ABL facility") and a new $375 million "first-in-last-out" facility ("FILO facility"). The refinancing of the ABL facility was led by J.P. Morgan, and Sixth Street Partners is serving as the Lender and Agent for the Company's FILO facility. The enhanced liquidity is expected to be utilized to support immediate strategic priorities to drive traffic and sales and gain back customer relevance, including rebalancing the assortment and inventory position.
Sue Gove, Director & Interim Chief Executive Officer, commented, "Together with Sixth Street, J.P. Morgan and our banking partners, this new financing will bolster our liquidity and strengthen our balance sheet. We are pleased to announce this critical step in moving Bed Bath & Beyond in a positive direction by strengthening our financial positioning. We are committed to utilizing our resources to better serve our customers, drive growth, and recapture market share to deliver returns for all stakeholders."
About the Company
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.
The Company operates websites at bedbathandbeyond.com, bedbathandbeyond.ca, buybuybaby.com, buybuybaby.ca, harmondiscount.com, and facevalues.com.
bed bath & beyond inc., together with its subsidiaries, operates a chain of retail stores. it sells a range of domestic merchandise, including bed linens and related items, bath items, and kitchen textiles; and home furnishings, such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables, and certain juvenile products. the company also offers health and beauty care items, and giftware and household items, as well as infant and toddler merchandise. bed bath & beyond inc. operates stores under the names of bed bath & beyond (bbb); christmas tree shops; christmas tree shops andthat! or andthat! (cts); harmon or harmon face values (harmon); buybuy baby (baby); and world market, cost plus world market, and cost plus (cost plus world market). in addition, it provides various textile products, amenities, and other goods to institutional customers in the hospitality, cruise line, food service, healthcare, and other industries. as of may 31, 2014,