UNION, N.J., Aug. 9, 2021 /PRNewswire/ -- Bed Bath &
Beyond Inc. (Nasdaq: BBBY) today announced it has amended its
asset-based revolving credit facility ("ABL Facility"). The
revised and expanded ABL Facility increases the Company's capacity
from $850 million to $1.0 billion with improvements to borrowing terms
and financial covenants. Among other things, this amendment
reflects an improved cost structure and the amended agreement
extends the original expiration date of 2023 to 2026.
Gustavo Arnal, Executive Vice
President and Chief Financial Officer of Bed Bath & Beyond,
stated, "We are pleased to have secured a larger and more
advantageous facility based on the continued progress of our
transformation. While our liquidity has remained strong
throughout the past year, we appreciate the increased support from
our banking partners. This revised ABL Facility underscores
their confidence in our business as we execute our long-term
strategies. We will continue to strengthen our balance sheet
and remain diligent stewards of capital allocation, leveraging our
enhanced financial position to execute our business
transformation."
The amendment is effective August 9,
2021.
About Bed Bath & Beyond
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. Bed Bath & Beyond operates websites at
bedbathandbeyond.com, bedbathandbeyond.ca, buybuybaby.com,
buybuybaby.ca, facevalues.com and decorist.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21 E of the Securities Exchange Act of 1934
including, but not limited to, the Company's progress and
anticipated progress towards its long-term objectives, as well as
more generally the status of its future liquidity and financial
condition and its outlook for the Company's fiscal 2021 second
quarter and for its 2021 fiscal year. Many of these forward-looking
statements can be identified by use of words such as may, will,
expect, anticipate, approximate, estimate, assume, continue, model,
project, plan, goal, preliminary, and similar words and phrases,
although the absence of those words does not necessarily mean that
statements are not forward-looking. The Company's actual results
and future financial condition may differ materially from those
expressed in any such forward-looking statements as a result of
many factors. Such factors include, without limitation: general
economic conditions including the housing market, a challenging
overall macroeconomic environment and related changes in the
retailing environment; risks associated with the COVID-19 pandemic
and the governmental responses to it, including its impacts across
the Company's businesses on demand and operations, as well as on
the operations of the Company's suppliers and other business
partners, and the effectiveness of the Company's actions taken in
response to these risks; consumer preferences, spending habits and
adoption of new technologies; demographics and other macroeconomic
factors that may impact the level of spending for the types of
merchandise sold by the Company; civil disturbances and terrorist
acts; unusual weather patterns and natural disasters; competition
from existing and potential competitors across all channels;
pricing pressures; liquidity; the ability to achieve anticipated
cost savings, and to not exceed anticipated costs, associated with
organizational changes and investments, including the Company's
strategic restructuring program and store network optimization
strategies; the ability to attract and retain qualified employees
in all areas of the organization; the cost of labor, merchandise
and other costs and expenses; potential supply chain disruption due
to trade restrictions, and other factors such as natural disasters,
pandemics, including the COVID-19 pandemic, political instability,
labor disturbances, product recalls, financial or operational
instability of suppliers or carriers, and other items; the ability
to find suitable locations at acceptable occupancy costs and other
terms to support the Company's plans for new stores; the ability to
establish and profitably maintain the appropriate mix of digital
and physical presence in the markets it serves; the ability to
assess and implement technologies in support of the Company's
development of its omnichannel capabilities; the ability to
effectively and timely adjust the Company's plans in the face of
the rapidly changing retail and economic environment, including in
response to the COVID-19 pandemic; uncertainty in financial
markets; volatility in the price of the Company's common stock and
its effect, and the effect of other factors, including the COVID-19
pandemic, on the Company's capital allocation strategy; risks
associated with the ability to achieve a successful outcome for the
Company's business concepts and to otherwise achieve its business
strategies; the impact of intangible asset and other impairments;
disruptions to the Company's information technology systems,
including but not limited to security breaches of systems
protecting consumer and employee information or other types of
cybercrimes or cybersecurity attacks; reputational risk arising
from challenges to the Company's or a third party product or
service supplier's compliance with various laws, regulations or
standards, including those related to labor, health, safety,
privacy or the environment; reputational risk arising from
third-party merchandise or service vendor performance in direct
home delivery or assembly of product for customers; changes to
statutory, regulatory and legal requirements, including without
limitation proposed changes affecting international trade; changes
to, or new, tax laws or interpretation of existing tax laws; new,
or developments in existing, litigation, claims or assessments;
changes to, or new, accounting standards; and foreign currency
exchange rate fluctuations. Except as required by law, the Company
does not undertake any obligation to update its forward-looking
statements.
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SOURCE Bed Bath & Beyond Inc.