Bed Bath & Beyond in Privately Negotiated Exchanges

November 15, 2022

Cleary Gottlieb represented Bed Bath & Beyond Inc. (Bed Bath & Beyond) in several privately negotiated exchanges with institutional bondholders.

The bondholders collectively exchanged a total of $155 million aggregate principal amount of outstanding bonds for approximately 14.5 million shares of common stock. The exchanges were conducted as private placements on a 4(a)(2) and Rule 501(c) basis under the Securities Act.

Bed Bath & Beyond entered into the exchanges to address the company’s debt maturities as it drives immediate strategic priorities, such as rebalancing the company’s assortment and inventory. Cleary is also representing Bed Bath & Beyond in its current registered exchange offer originally launched October 18, 2022.

Bed Bath & Beyond and subsidiaries is an omnichannel retailer that makes it easy for its customers to feel at home. Bed Bath & Beyond sells a wide assortment of merchandise in the home, baby, beauty, and wellness markets. Additionally, Bed Bath & Beyond is a partner in a joint venture that operates retail stores in Mexico under the name Bed Bath & Beyond.