Bed Bath & Beyond Agrees to $123 Million Debt-For-Equity Swap

Bed Bath & Beyond Inc. said it reached another privately negotiated exchange agreement, this time for several institutional bondholders to swap a total of $123 million of debt for equity.

Certain existing holders of the retailer’s 3.749% notes due 2024, 4.915% notes due 2034 and 5.165% notes due 2044 will swap the securities for common stock, according to a statement. The investors will receive 11.7 million shares in total.

Bed Bath & Beyond shares fell after the deal was announced, declining 8.1% to $3.63 as of 9:40 a.m. in New York.

The move comes just a few days ...