Bed Bath & Beyond completed its financing agreements.

The company has secured more than $500 million of new financing, including its newly expanded $1.13 billion asset-backed revolving credit facility and a new $375 million “first-in-last-out” facility (FILO facility). The refinancing of the ABL facility was led by J.P. Morgan and Sixth Street Partners is serving as the lender and agent for the company’s FILO facility. The enhanced liquidity is expected to be utilized to support immediate strategic priorities to drive traffic and sales and gain back customer relevance, including rebalancing the assortment and inventory position.

“Together with Sixth Street, J.P. Morgan and our banking partners, this new financing will bolster our liquidity and strengthen our balance sheet,” Sue Gove, director and interim CEO of Bed Bath & Beyond, said. “We are pleased to announce this critical step in moving Bed Bath & Beyond in a positive direction by strengthening our financial positioning.  We are committed to utilizing our resources to better serve our customers, drive growth and recapture market share to deliver returns for all stakeholders.”