Bed Bath & Beyond Inc. 01-08-44 5.165% US075896AC47 (1 Viewer)

pietro17elettra

Nonno pensionato
CORRECTED-ANALYSIS-Kohl's snub of big sale-leaseback sets up new clash with hedge funds
22/11/2022 16:37 - RSF
(Corrects second-quarter percentage drop in net sales to 8.5%)
By Abigail Summerville and Svea Herbst-Bayliss
Nov 22 (Reuters) - Kohl's Corp's (KSS.N) reluctance to sell much of its real estate and then lease it back has set up the U.S. department store operator for a new confrontation with hedge funds.
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In another example of sale-leasebacks adding to a retailer's financial woes, Bed Bath & Beyond Inc (BBBY.O) raised $250 million with sale-lasebacks for its stores, a distribution facility and office space, only to subsequently face a liquidity crunch and scramble to find ways to get out of leases.

Bed Bath & Beyond did not respond to a request for comment.


There are, however, examples of companies, such as Life Time Fitness and Walgreens Boots Alliance Inc (WBA.O), that carry out sale-leasebacks without burdening their finances. These tend to be smaller deals relative to their size that allow them to earn greater returns in their business than they do in real estate.

"Generally speaking, I believe a stable retailer with stable management, looking out for the long-term performance of the business, is far better off controlling its destiny than being subject to the vagaries of leaseback arrangements," said Mark Cohen, director of retail studies at the Columbia Business School.


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(Reporting by Abigail Summervile in New York and Svea Herbst-Bayliss in New York Editing by Greg Roumeliotis and Nick Zieminski)
(([email protected]; +1 646 223 6022; Reuters Messaging: [email protected]))
 

pietro17elettra

Nonno pensionato
Bed Bath & Beyond Inc. Announces Extension of Exchange Offers and Consent Solicitations for Certain of its Outstanding Debt Securities

UNION, N.J., Dec. 6, 2022 /PRNewswire/ -- Bed Bath & Beyond Inc. (NASDAQ: BBBY) today announced that it has further extended its previously announced offers to exchange (the "Exchange Offers") any and all of its outstanding Senior Notes.
Today's extension includes the offers to exchange:
(i) 3.749% Senior Notes due 2024 (the "2024 Notes") for new 3.693% Senior Second Lien Secured Non-Convertible Notes due 2027 (the "New Second Lien Non-Convertible Notes") and/or new 8.821% Senior Second Lien Secured Convertible Notes due 2027 (the "New Second Lien Convertible Notes"), at the option of the holder of the 2024 Notes;
(ii) 4.915% Senior Notes due 2034 (the "2034 Notes") for new 12.000% Senior Third Lien Secured Convertible Notes due 2029 (the "New Third Lien Convertible Notes" and, together with the New Second Lien Non-Convertible Notes and the New Second Lien Convertible Notes, the "New Notes"); and
(iii) 5.165% Senior Notes due 2044 (the "2044 Notes" and, collectively with the 2024 Notes and the 2034 Notes, the "Old Notes") for New Third Lien Convertible Notes.
In connection with the Exchange Offers, the Company is also soliciting consents to amend the indenture governing the Old Notes (the "Consent Solicitations").
Each of the Exchange Offers and Consent Solicitations, which were previously scheduled to expire at 11:59 p.m., New York City time, on December 5, 2022, has been extended until 11:59 p.m., New York City time, on December 19, 2022 (as such time and date may be further extended, the "Expiration Time"). Tenders of Old Notes may be withdrawn at any time at or prior to the Expiration Time (the "Withdrawal Deadline"), but not thereafter, subject to limited exceptions and except as otherwise required by applicable law, unless extended.
Except for the extension of the Expiration Time and Withdrawal Deadline, all other terms of the Exchange Offers and Consent Solicitations remain unchanged.
As of 11:59 p.m., New York City time, on December 5, 2022, which was the previous expiration time for the Exchange Offers, the principal amounts of Old Notes validly tendered and not validly withdrawn, as advised by Global Bondholder Services Corporation, the exchange agent for the exchange offers, are set forth in the table below:
Title of Old Notes to be
Tendered
CUSIP
Number
Outstanding Principal
Amount
Principal Amount
Tendered
Approximate Percentage of
Old Notes Tendered
3.749% Senior Unsecured
Notes due 2024
075896 AA8$215,404,500$37,864,00017.58 %
4.915% Senior Unsecured
Notes due 2034
075896 AB6$209,712,000$52,212,00024.90 %
5.165% Senior Unsecured
Notes due 2044
075896 AC4$604,820,000$67,510,00011.16 %
As of December 5, 2022 we had a total of approximately 117.3 million shares of common stock outstanding.
A Registration Statement on Form S-4, including a prospectus and consent solicitation statement forming a part thereof (the "Prospectus"), which is subject to change, relating to the issuance of the New Notes has been filed with the Securities and Exchange Commission (the "SEC") (the "Registration Statement"), but has not yet become effective. The New Notes may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. If and when issued, the New Notes will be registered under the Securities Act of 1933, as amended.
Copies of the Prospectus pursuant to which the Exchange Offers and Consent Solicitations are being made may be obtained from Global Bondholder Services Corporation, the information agent and exchange agent for the Exchange Offers and Consent Solicitations. Requests for documentation and questions regarding procedures for tendering the Old Notes can be directed to Global Bondholder Services Corporation at (855) 654-2015 (for information U.S. Toll-free) or (212) 430-3774 (information for brokers). Questions regarding the terms and conditions of the Exchange Offers and Consent Solicitations should be directed to the dealer manager, Lazard Frères & Co. LLC, at (212) 632-6311.
The Exchange Offers and Consent Solicitations are being made only by and pursuant to the terms and subject to the conditions set forth in the Prospectus, which forms a part of the Registration Statement, and the information in this press release is qualified by reference to such Prospectus and the Registration Statement.
This press release is for informational purposes only and is not an offer to buy or sell or the solicitation of an offer to sell with respect to any securities. The solicitation of offers to sell the New Notes or buy the Old Notes is only being made pursuant to the terms of the Exchange Offers. The Company is not making an offer of New Notes in any jurisdiction where the Exchange Offers are not permitted, and this press release does not constitute an offer to participate in the Exchange Offers to any person in any jurisdiction where it is unlawful to make such an offer or solicitations.
Holders of the Old Notes are urged to carefully read the Prospectus before making any decision with respect to the Exchange Offers and Consent Solicitations. None of the Company, the dealer manager, the trustee with respect to any series of Old Notes, the trustee with respect to any series of New Notes, the information agent and exchange agent for the Exchange Offers or any affiliate of any of them makes any recommendation as to whether holders of the Old Notes should exchange their Old Notes for New Notes in the Exchange Offers, and no one has been authorized by any of them to make such a recommendation.
Holders of the Old Notes must make their own decision as to whether to tender Old Notes and, if so, the principal amount of Old Notes to tender. This press release is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful.
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.
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this press release and are based on current expectations and involve a number of assumptions, risks, and uncertainties that could cause the actual results to differ materially from such forward-looking statements, including our ability to successfully consummate the Exchange Offers and Consent Solicitations. Readers are strongly encouraged to read the full cautionary statements contained in the Company's filings with the SEC, including the risk factors set forth in the Registration Statement. The Company disclaims any obligation to update or revise any forward-looking statements.
View original content:Bed Bath & Beyond Inc. Announces Extension of Exchange Offers and Consent Solicitations for Certain of its Outstanding Debt Securities
SOURCE Bed Bath & Beyond
CONTACTS: INVESTORS: Susie A. Kim, [email protected]; MEDIA: Julie Strider, [email protected]
 

sandrino

Forumer storico
A prescindere dalle aberrazioni che ho letto in altro luogo (una delle tante: non vanno in ch11 perché il primo bond ha scadenza 2024: dillo ai possessori di Revlon, somaro indegno), io mi auguro che tutto vada per il meglio ma qui siamo dinanzi ad una pagliacciata grottesca che non può che finire nel peggiore dei modi.
 

sandrino

Forumer storico
Non me ne vogliate se mi tolgo l’abito buonista natalizio ma devo correggere una gravissima affermazione riportata dall’utente del fol SHARK2007
Questo disgraziato ha asserito che BBBY non ha mai fatto menzione della possibilità di ricorrere al CH11

Il somaro intergalattico non ha letto il prospetto dell’offerta di scambio dei bond, in cui la società stessa parla di insolvenza.
Viene paventato CH11, CH7 e viene espressamente ribadito che anche in caso di successo dell’operazione il ricorso alla procedura fallimentare resta una possibilità concreta.

Basta cazzate, per dio, non esistono compratori, c’è una società allo sbandò che è morta, fatela finire su quel forum di scrivere stronzate, questa è delinquenza pura.

Adesso allo scambio possono anche aderire i retail, l’unica speranza di salvare qualche soldo è accettare.
 

sandrino

Forumer storico
Attenzione
Informazione o per meglio dire “opinione” non personale da prendere con le molle

Un team di gestori HY globali di sgr europea ritengono “plausibile” il filing for chapter 11 alla metà di gennaio 2023
In considerazione del mancato turnaround aziendale, considerando il mancato breakeven ed il persistente cash burning hanno stoppato l’ATM.

La Recovery ratio si attende pressoché pari a zero in quanto ci sarà il solito DIP connesso alla procedura che avrà ovvia precedenza.

Disclaimer: questa opinione non è la mia.
Disclaimer 2: trattasi di opinione e non è una notizia, si basa sul quadro informativo di cui dispone il soggetto

Disclaimer 3: io perso Per perso resto dentro coi miei 20k @20 (cambio usd 0.99)
 

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