Tempur Sealy International refinances credit facilities

Global mattress manufacturer Tempur Sealy International, Inc. has announced that it has successfully completed the closing of its $1.65 billion senior secured credit facilities, which include a $1.15 billion revolving credit facility and a $500 million term loan facility.

The proceeds of the senior secured credit facilities will be used to refinance Tempur Sealy’s existing credit facilities and, in the case of the revolving credit facility, for general corporate purposes. The senior secured credit facilities have an accordion feature that permits incremental borrowings of up to $850 million and potentially substantially more subject to compliance with a specified secured leverage ratio and certain other conditions.

Scott Thompson, Tempur Sealy Chairman and CEO, said: “We are very pleased with the refinancing of our credit facilities. With this refinancing, we have meaningfully extended our debt maturities, improved our financial flexibility, and increased our potential total senior credit funding while maintaining our current cost of funds in what is clearly a tight commercial banking market.”

Thompson added, “We appreciate the strong support from the 13 market-leading lenders who participated in the financing of these facilities. The transaction was substantially over-subscribed, evidencing support for our strategic vision.”

Save this article for later

You can revisit this article if you save it as favourite news!

Leave a Comment

MORE ARTICLES

Peter Harding, Managing Director at Fairway Furniture, shares a deeper insight into the ongoing refurbishment at their flagship Plymouth store....