Bed Bath & Beyond Inc. made a debt-exchange offer as the home-goods chain looks to ease its financial burdens amid a sales drop.

The series of exchanges will help extend debt maturities and reduce interest expenses, the retailer said Tuesday in a filing with the Securities and Exchange Commission.

As part of the offer, the existing bonds maturing 2024 will be exchanged for new second-lien secured notes due in 2027. Holders have an option to receive new notes at par for a lower 3.693% coupon, or take a 59% haircut on the principal for new debt that is convertible into equity with a higher 8.821% interest, according to the filing.

The unsecured notes maturing in 2034 and 2044 are offered to be exchanged for new third-lien debt carrying a 12% interest rate. Holders that accept the offer will take a roughly 78% discount to the face value.

Holders of the bonds have until Nov. 15 to accept the offers.

On Tuesday, Bed Bath & Beyond’s 2024 notes traded at 31.25 cents on the dollar and the notes due in 2034 last changed hands at 15 cents on the dollar, according to data compiled by the Financial Industry Regulatory Authority.

Shares were up 1% to $5.22 following the announcement.

Bed Bath & Beyond said in its second-quarter results last month it was considering an exchange to swap the outstanding bonds for new, longer-tenured debt or equity in the company. Some bondholders have since organized, looking to protect their investments in a restructuring as investors holding different debt often fight for their interests.

Debt investors in Bed Bath & Beyond said they were wary of potentially coercive exchange deals that could raise new secured debt and weaken other creditors’ claims on the retailer’s assets, people familiar with the matter have told The Wall Street Journal.

Bed Bath & Beyond had about $1 billion in liquidity after it secured a new loan and expanded its borrowing capacity in September. But the company likely faces another cash crunch unless it can reverse a drop in same-store sales, according to analysts. It reported a 28% drop in sales for the three months ended Aug. 27, with same-store sales declining 26%.

—Alexander Saeedy contributed to this article.

Write to Jodi Xu Klein at jodi.klein@wsj.com