Bed Bath & Beyond gets $850 million three-year asset-backed revolver

Chicago, June 22 – Bed Bath & Beyond Inc. obtained a new $850 million secured revolving credit facility maturing on June 19, 2023 with JPMorgan Chase Bank NA listed as administrative agent and collateral agent, according to a press release and an 8-K filing with the Securities and Exchange Commission.

The new facility replaces the company’s existing $250 million unsecured revolver dated Nov. 14, 2017.

The revolver includes a swingline subfacility and a letter-of-credit subfacility.

It also has an uncommitted expansion feature for an additional $375 million, either under the ABL facility or structured as a first-in-last-out loan facility.

The loan is secured on a first-priority basis on all accounts receivable, inventory, certain deposit accounts and securities accounts and certain related assets.

Outstanding amounts bear interest at Libor plus 225 basis points to 275 bps, subject to a 1% Libor floor.

Syndication agents for the facility are Bank of Montreal, PNC Bank, NA and Wells Fargo Bank, NA.

Bank of America, NA, MUFG Union Bank, NA and TD Bank, NA are the documentation agents.

JPMorgan Chase Bank, NA, Bank of America, NA, BMO Capital Markets, MURG Union Bank, NA, PNC Capital Markets LLC and Wells Fargo are the joint bookrunners and joint lead arrangers.

The chain of retail stores is based in Union, N.J.

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