B. Riley Securities Serves as Sole Bookrunner on Bed Bath & Beyond $1.025bn Public Equity Offering
ANGELES, Feb. 8, 2023 - B. Riley Securities, Inc., a leading middle
market investment bank and subsidiary of B. Riley Financial, Inc. (Nasdaq:
RILY), is pleased to have served as sole bookrunner on a successful
underwritten public offering of Bed
Bath & Beyond Inc. (Nasdaq: BBBY) Series A convertible
preferred stock and warrants.
The offering resulted in initial gross proceeds of approximately $225 million
and an additional approximate $800 million of gross proceeds in future
installments, assuming certain conditions are met.
Sue Gove, President & CEO of Bed Bath & Beyond Inc. said, "This
transformative transaction will provide runway to execute our turnaround plan.
We continue to put our customers at the center of every decision, positioning
Bed Bath & Beyond to meet and exceed their expectations, while resetting
our foundation for near- and long-term success. We are optimizing our store
fleet and supply chain and continuing to invest in our omni-always
capabilities. This will enable us to better serve our customers, and grow
profitably, by directing merchandise where and how they want to shop with us.
We are also prioritizing availability of leading national and emerging
direct-to-consumer brands our customers know and love. As we make important
strategic and operational changes, we will continue to take disciplined steps
to enhance our cost base and improve our financial position."
Bed Bath & Beyond is an omni-channel retailer that sells a wide assortment
of merchandise including bedding, bath, kitchen food prep, home organization,
indoor décor, baby and personal care and operates under the names Bed Bath
& Beyond and buybuy BABY.
B. Riley Securities' deal team included Jimmy Baker, Dawn Farrell, Kathy Innis,
Ryan Aceto, Alex Shaffer and Riley Slusarski. For more information,
contact Jimmy Baker at 703.312.9603.
About B. Riley
B. Riley Securities is a leading middle market investment bank that provides
corporate finance, advisory, research, and sales and trading services.
Investment banking services include initial, secondary, and follow-on
offerings, institutional private placements, merger and acquisition (M&A)
advisory, corporate restructuring, and recapitalization. The firm is nationally
recognized and highly ranked for its proprietary small-cap equity research. B.
Riley Securities is a wholly owned subsidiary of B. Riley Financial, Inc. (Nasdaq:
RILY). For more information, visit www.brileysecurities.com.
Jo Anne McCusker
B. Riley Financial