A&G Real Estate Partners, in its capacity as real estate advisor to Bed Bath & Beyond, plans to auction hundreds of Bed Bath & Beyond and buybuy BABY leases as part of the company’s Chapter 11 case, subject to court approval of bid procedures.
Bed Bath & Beyond filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey. Sixth Street Specialty Lending is providing $240 million in debtor-in-possession financing to facilitate the process.
Concurrent with a new at-the-market offering program, Bed Bath & Beyond entered into a common stock purchase agreement and a registration rights agreement (collectively, the committed equity facility) with B. Riley Principal Capital.
B. Riley Securities, a middle market investment bank and subsidiary of B. Riley Financial, served as sole bookrunner on a successful underwritten public offering of Bed Bath & Beyond Series A convertible preferred stock and warrants.
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.
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.