Bed Bath & Beyond gets early tenders of $479.87 million of 2034, 2044 senior notes

By Taylor Fox

New York, Aug. 24 – Bed Bath & Beyond Inc. received early tenders of $479,868,000 in aggregate principal amount of notes in its cash tender offers to purchase up to $300 million of its senior notes in two series as of 5 p.m. ET on Aug. 21, the early tender deadline, according to a press release.

Bed Bath & Beyond will also have an early settlement date for the tender offers, which is expected on or around Aug. 28, for notes validly tendered and not validly withdrawn at or prior to the early tender deadline.

The following aggregate principal amount of notes tendered as of the early deadline are:

• $109,587,000 of its $300 million 4.915% senior notes due 2034 (Cusip: 075896AB6) with $75 million accepted for purchase, or 68.87% of the tendered notes; and

• $370,281,000 of its $900 million 5.165% senior notes due 2044 (Cusip: 075896AC4) with $224.99 million accepted for purchase, or 60.83% of the tendered notes.

The aggregate principal amount of the notes validly tendered and not validly withdrawn as of the early tender deadline exceeded the applicable tender cap for each series of notes; therefore, no tenders of notes submitted after the early tender deadline will be accepted for purchase in the tender offers.

The tender offer is scheduled to expire at midnight ET at the end of the day on Sept. 4.

As previously reported, Bed Bath & Beyond launched its cash tender offers to purchase up to $300 million of its senior notes in two series.

The retailer is offering to purchase up to $75 million of its $300 million 4.195% senior notes due 2034 for a total consideration of $770 per $1,000 of notes and up to $225 million of its $900 million 5.165% senior notes due 2044 for a total consideration of $720 per $1,000 of notes.

The total consideration for each series includes an early tender premium of $50 per $1,000 of notes. Only holders who tendered their notes at or prior to 5 p.m. ET on Aug. 21 will be eligible to receive the early tender premium.

J.P. Morgan Securities LLC (212 834-2042 or 866 834-4666) is the dealer manager.

D.F. King & Co., Inc. (212 269-5550, 800 714-3311, bbby@dfking.com) is the tender and information agent.

The chain of retail stores is based in Union, N.J.

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