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☆ Bed Bath & Beyond Says Banks Have Cut Off Its Credit Lines
▼ + stars: | 2023-01-27 | by ( Soma Biswas | Suzanne Kapner | ) www.wsj.com time to read: +2 min

Bed Bath & Beyond Inc. said it doesn’t have the funds to repay its banks after they determined the retailer has defaulted on its credit lines. The banks are calling for an immediate repayment of all outstanding loans under the credit agreement. The company has $186 million in outstanding letters of credit. The filing indicates the growing financial constraints the retailer is under to operate normally, a month after it warned of a possible bankruptcy filing. Bed Bath & Beyond recently warned it may be filing for bankruptcy in just a few weeks.

Bed Bath & Beyond has been in discussions with prospective buyers and lenders as it works to keep its business afloat during a likely bankruptcy filing, according to people familiar with the matter. Comparable sales declined 32% year over year in the most recent fiscal quarter, ended Nov. 26. Last week, CNBC reported Bed Bath had begun another round of layoffs in an attempt to further cut costs. One possible buyer circling Bed Bath is private equity firm Sycamore Partners, according to the people familiar with the discussions. Bed Bath has also drawn interest from companies that acquire the intellectual property, or brands, of companies, particularly those under distress, the people said.

☆ 6 top M&A bankers lay out their dealmaking playbook for 2023 — from getting around a sagging bond market to dealing with skeptical shareholders
▼ + stars: | 2023-01-09 | by ( Carter Johnson | ) www.businessinsider.com time to read: +10 min

"We're certainly telling clients to plan for longer timelines between signing an announcement and when a transaction closes," RBC's Sperduto said. Bankers noted the figure was on pace with the average amount of deals done in the five years preceding the pandemic. "There is still significant desire from both corporates and financial sponsors to transact," Gary Posternack, co-head of global M&A at Barclays, told Insider. But in 2023, bankers see more transactions receiving greater scrutiny from stakeholders. Vito Sperduto, the co-head of global M&A at RBC Capital Markets.

☆ Credit Deals Are Going Private, Leaving Wall Street in the Cold
▼ + stars: | 2022-12-29 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Most private equity-style deals late in the year used financing by private credit, including the deal to take Coupa Software private. While some investors were hibernating in the fourth quarter, the private market for deal financing has been roaming free. The overwhelming majority of private equity-style deals late in the year have used financing by so-called private credit rather than by the marketing and selling of loans to a wide group of investors by banks. PitchBook LCD tracked 46 leveraged buyouts financed by private credit in the fourth quarter through Dec. 8, versus just one financed by the broadly syndicated loan market. For the recently announced take-private of Coupa Software for instance, the top lending spot went to investment firm Sixth Street Partners, the Journal has reported.

☆ Market Chill Opens Path for Buyout Lender Sixth Street’s Rise
▼ + stars: | 2022-12-23 | by ( Matt Wirz | ) www.wsj.com time to read: 1 min

The leveraged buyout of an Emerson Electric business is one of several large deals recently financed by Sixth Street. The credit crunch on Wall Street is forcing some of its biggest deal makers to turn to a little-known investment firm to bankroll their purchases: Sixth Street Partners . Many banks and private-credit funds are tightening their purse strings after taking losses on big junk-rated loans that they committed to before debt markets seized up this summer. That leaves Sixth Street, which manages about $65 billion, as one of the few outfits willing to write fat checks to finance corporate takeovers.

☆ Bed Bath & Beyond shares fall after interim CEO Sue Gove appointed to position permanently
▼ + stars: | 2022-10-26 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

Bed Bath & Beyond said Wednesday that it has appointed interim Sue Gove to the position permanently. Bed Bath is trying to reverse declining sales, win back customers and strengthen relationships with suppliers. In late August, Bed Bath announced cost cuts and a new loan on a call with investors. Without those items this holiday season, Bed Bath could have a hard time competing with rivals like Amazon, Target and Walmart. Bed Bath is having its first supplier summit on Wednesday, which the company said will strengthen those relationships.

Oct 28 (Reuters) - Elon Musk on Thursday closed the $44 billion deal announced in April to take Twitter Inc (TWTR.N) private and took ownership of the influential social media platform by firing top executives immediately. read more Earlier this month, Musk brought the deal back on the table after previously trying to walk away from it. Musk pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covered the $44 billion price tag and the closing costs. That had left Musk in need for an additional $22.4 billion of funds to cover the equity financing portion of the deal. Musk would have needed to raise an additional $2 billion to $3 billion to complete the financing for the deal.

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