LEXINGTON, Ky., Oct. 11,
2023 /PRNewswire/ -- Tempur Sealy International,
Inc. (NYSE: TPX) announced today 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.
Tempur Sealy Chairman and CEO Scott
Thompson 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."
Additional details regarding the refinanced credit facilities
are available in Tempur Sealy's Current Report on Form
8-K filed today with the Securities and Exchange
Commission.
About the Company
Tempur Sealy is committed to improving the sleep of more people,
every night, all around the world. As a leading designer,
manufacturer, distributor, and retailer of bedding products
worldwide, we know how crucial a good night of sleep is to overall
health and wellness. Utilizing over a century of knowledge and
industry-leading innovation, we deliver award-winning products that
provide breakthrough sleep solutions to consumers in over 100
countries.
Our highly recognized brands include Tempur-Pedic®, Sealy® and
Stearns & Foster® and our popular non-branded offerings consist
of value-focused private label and OEM products. At Tempur Sealy we
understand the importance of meeting our customers wherever and
however they want to shop and have developed a powerful
omni-channel retail strategy. Our products allow for complementary
merchandising strategies and are sold through third-party
retailers, our 700+ Company-owned stores worldwide and our
e-commerce channels. With the range of our offerings and variety of
purchasing options, we are dedicated to continuing to turn our
mission to improve the sleep of more people, every night, all
around the world into a reality.
Importantly, we are committed to carrying out our global
responsibility to protect the environment and the communities in
which we operate. As part of that commitment, we have established
the goal of achieving carbon neutrality for our global wholly owned
operations by 2040.
Investor Relations Contact
Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
Investor.relations@tempursealy.com
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SOURCE Tempur Sealy International, Inc.