According to an 8K filed with the SEC, JPMorgan Chase Bank served as administrative agent and collateral agent on the expansion of Bed Bath & Beyond’s asset-based revolving credit facility, which was upsized from $850 million to $1 billion. The amended facility also includes improvements to borrowing terms and financial covenants and, among other things, reflects an improved cost structure and extension of the original expiration date from 2023 to 2026.

“We are pleased to have secured a larger and more advantageous facility based on the continued progress of our transformation,” Gustavo Arnal, executive vice president and CFO of Bed Bath & Beyond, said. “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.”