Exhibit 99.1
Bed Bath & Beyond Inc. Announces Special Record Date and Payment Date for Interest Previously Due
February 1st for Senior Notes
Special Record Date Set as February 27, 2023
Interest to be Paid on February 28, 2023
UNION, N.J., Feb. 21, 2023 — Bed Bath & Beyond Inc. (Nasdaq: BBBY) announced a Special Record Date of February 27, 2023 for payment of interest due as of February 1, 2023 (the “February 1st Interest”) on the Company’s 3.749% Senior Notes due 2024, 4.915% Senior Notes due 2034 and 5.165% Senior Notes due 2044 (collectively, the “Senior Notes”). Interest previously due on February 1st will be paid to holders of Senior Notes as of the Special Record Date on February 28, 2023 (the “Special Payment Date”).
Sue Gove, President & CEO of Bed Bath & Beyond Inc. said, “Building on the transformative equity financing we announced earlier this month, we continue to work on improving our financial position and optimizing value for all our stakeholders. Today’s announcement is an important step in resetting our operational and financial foundation and meeting our commitments. We remain focused on utilizing our current and future financing to execute our turnaround plans and restore our position with customers.”
The Company has pre-funded the full amount of the February 1st Interest to be paid to holders of Senior Notes on the Special Payment Date with The Bank of New York Mellon, trustee of the Senior Notes.
About the Company
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 primarily in the Home and Baby markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.
The Company operates websites at bedbathandbeyond.com and buybuybaby.com.
Forward-Looking Statements
This press release contains a number of forward-looking statements. Words such as “expect,” “will,” “working,” “plan” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company’s ability to use current and future financing sources, including receipt of the full amount of gross proceeds from the Company’s previously announced financing transactions, and the anticipated use of proceeds therefrom as well as the Company’s ability to successfully execute its turnaround plans. These forward-looking statements are not guarantees of future results and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond the Company’s control. Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the uncertainties related to market conditions and the receipt of the full amount of gross proceeds from such financing transactions on the anticipated terms or at all, the Company’s ability to use proceeds from such financing transactions to pay down outstanding debt obligations and operate its business; risks related to the failure to receive the full amount of gross proceeds
