Tempur Sealy International has successfully closed on a senior secured Term Loan B facility in an aggregate principal amount of $1.6 billion. The Term Loan B will mature seven years after the date of closing.
The company also amended its 2023 Credit Agreement to reflect this new Term Loan B and extend the availability period of $605 million of the Company’s Delayed Draw Term A commitments that closed earlier this year.
Tempur Sealy intends to use the proceeds from the Term Loan B, together with cash available and proceeds from other debt, solely to fund the cash consideration for the previously announced acquisition of Mattress Firm. The proceeds from the Term Loan B were funded into escrow and are to be released concurrently with the closing of the Mattress Firm acquisition.
“We appreciate the strong support behind this financing from the debt market,” says Tempur Sealy Chairman and CEO Scott Thompson. “With this step, we have obtained the financing necessary to fund the proposed acquisition of Mattress Firm.”
