Bed Bath & Beyond in the United States Announces Completion of Funding Agreements
The increased liquidity should be used to support immediate strategic priorities to drive traffic and sales and regain customer relevance, including rebalancing assortment and inventory position, the company said in a press release.
The refinancing of the ABL facility was led by JP Morgan, and Sixth Street Partners serves as lender and agent for the company’s FILO facility.
US retailer Bed Bath & Beyond Inc has announced the successful completion of its previously disclosed financing deals. It secured more than $500 million in new financing, including its new $1.13 billion asset-backed revolving credit facility (ABL facility) and a new $375 million “first-in, last-out” facility. out” (FILO facility).
Sue Gove, Acting Director and CEO, said, “Along with Sixth Street, JP Morgan and our banking partners, this new financing will strengthen our liquidity and strengthen our balance sheet. We are pleased to announce this critical step to move Bed Bath & Beyond forward in a positive direction by strengthening our financial position. We are committed to using our resources to better serve our customers, drive growth and regain market share to deliver returns for all stakeholders. »
Fibre2Fashion (KD) News Desk