TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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October 12, 2023
Source: Marketwatch
Tempur Sealy International has completed the closing of its $1.65 billion senior secured credit facilities and will use the proceeds to refinance its existing facilities.
The mattress maker said Wednesday that it has closed a $1.15 billion revolving credit facility for refinancing purposes and also a $500 million term loan facility, the proceeds of which will be used for general corporate purposes.
The senior secured facilities have an accordion feature that allows for incremental borrowings of up to $850 million, and potentially more subject to compliance with specified secured leverage ratio and other certain conditions.
The refinancing allows Tempur Sealy to meaningfully extend its debt maturities and increase its potential total senior credit funding while maintaining a consistent cost of funds, Chief Executive Scott Thompson said.
"The transaction was substantially over-subscribed, evidencing support for our strategic vision," he said in a statement.
Write to Dean Seal at dean.seal@wsj.com
