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Bond Market News
Bed Bath Bonds Plummet on Bankruptcy Filing Warning
January 6, 2023
Bed Bath and Beyond’s bonds dropped sharply with its 3.749% 2024s down over 13 points to 10 cents on the dollar, as the company warned of filing for bankruptcy, debt restructuring or asset sales. It added that the measures taken “may not be successful.” Bed Bath noted recently called off a proposed debt exchange and said that recurring losses and negative cash flows left “substantial doubt” that it could stay in business. The retailer warned of a 3Q 2022 revenue of $1.259bn, lower than expectations of $1.4bn and a drop from the $1.88bn it reported last year. It expects a net loss of $386mn during the period ending-November, down over 40% than a year earlier.
A source said that the company is considering skipping coupon payments on its 3.749% 2024s due on February 1 to conserve cash. If it happens, a 30-day grace period would begin before the company is officially considered to be in default.
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