Bed Bath & Beyond has once again announced that it has extended its previous offers to exchange any and all of its outstanding senior notes after limited success in getting holders to make the trade-ins.
As it makes the exchange offers, Bed Bath & Beyond also is soliciting consents to amend the indenture governing the old notes.
Bed Bath & Beyond extended each of the exchange offers and consent solicitations, scheduled to expire at 11:59 p.m., New York time, on December 19 until 11:59 p.m., New York time, on January 4. Tenders of old notes may be withdrawn at any time at or prior to the expiration time, but not afterward, subject to specific conditions.
As of 11:59 p.m., New York time, on December 19, the principal amounts of old notes validly tendered and not validly withdrawn was, Bed Bath & Beyond noted, 18.21% of the 3.749% senior unsecured notes due 2024, 24.77% of the 4.915% senior unsecured notes due 2034 and 11.19% of the 5.165% senior unsecured notes due 2044.
Bed Bath & Beyond first announced its move to exchange existing notes for other vehicles in early November. The company announced its first extension of the exchange offer for the senior notes due 2024, 2034 and 2044 on November 16, a second extension on November 21 and another on December 6. At that time, it noted, holders had tendered and not withdrawn 17.58% of the 2024 notes, 24.9% of the 2034 notes and 11.16% of the 2044 notes.
