Bed Bath & Beyond gets interim access $240 million DIP financing

By Sarah Lizee

Olympia, Wash., April 25 – Bed Bath & Beyond Inc. received interim approval to access a $240 million debtor-in-possession facility from prepetition lender Sixth Street Specialty Lending, Inc., according to an order filed Monday with the U.S. Bankruptcy Court for the District of New Jersey.

The financing includes $40 million in new money term loans and $200 million through a rollup of prepetition term loans.

Interest is SOFR plus 775 basis points.

The facility is set to mature on Aug. 25, subject to earlier maturity following certain events.

The company also received interim court approval to use the cash collateral of its prepetition secured lenders.

A final hearing is scheduled for May 16.

The chain of retail stores has headquarters in Union, N.J. The company filed bankruptcy on April 23 under Chapter 11 case number 23-13359.

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