Bed Bath & Beyond climbs on exchange extension; Cooper-Standard quiet; Rite Aid up

By Cristal Cody

Tupelo, Miss., Nov. 16 – Bed Bath & Beyond Inc.’s paper rallied on Wednesday after the distressed retailer extended the exchange offers for its three tranches of senior bonds to Friday.

The 3.749% senior notes due 2024 (C/D) climbed to 36¼ bid by late afternoon, a source said.

The issue has jumped more than 10 points this week.

Cooper-Standard Automotive Inc.’s 5 5/8% senior notes due 2026 (Caa2/CCC-) were quiet in the secondary market on Wednesday a day after Cooper-Standard Holdings Inc. reported it entered into transaction support agreements with noteholders.

The 5 5/8% senior notes due 2026 (Caa2/CCC-) were last seen trading on Tuesday at 36 bid, a source said.

Meanwhile Wednesday, Veritas US Inc.’s 7½% senior secured notes due 2025 (B3/B-) traded down 6½ points to the 73¾, 74¼ bid area on reports that Veritas Technologies LLC posted soft quarterly earnings, a source said.

Also Wednesday, Rite Aid Corp.’s 7½% senior secured notes due 2025 (B3/CCC-/CCC) added 7/8 point to 73¾ bid on more than $1 million of paper traded, a source said.

Rite Aid’s early tender deadline for a cash tender offer on the notes is 5 p.m. ET on Thursday.

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