Bed Bath Says It Will Make Delayed Interest Payments on Feb 28; Bonds up 2 Points

Bed Bath & Beyond’s dollar bonds were higher by over 2 points after the distressed American retailer said that it will pay its overdue coupons due to bondholders on February 28. The retailer has been under a grace period since it missed those payments. Bed Bath said that it has prefunded the full amount that was due on February 1 for its bondholders. The retailer said that it received about $24mn as part of its equity-financing rescue package which would help it raise about $1bn in instalments over time.

Bed Bath’s 3.749% 2024s were up 2.9 points to trade at 29.4.

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