Proactive Investors - Bed Bath & Beyond Inc. (NASDAQ:BBBY)’s February public equity offering just got $135 million more valuable.
The home goods retailer has now reached a cumulative total of $360 million in gross proceeds through March 7 following the exercise of preferred stock warrants.
On February 7, Bed Bath & Beyond completed an underwritten public offering that raised initial gross proceeds of $225 million and enabled the company to receive up to an additional $800 million.
Thus far, the company has used proceeds received to date to repay outstanding revolving loans and create additional liquidity opportunities to support business operating activities.
"Since closing our equity financing last month, we have engaged with suppliers to improve our inventory positioning and we have continued to optimize our brick-and-mortar footprint through store closures to align with customer preference,” CEO Sue Gove said in a statement.