– Expects to use proceeds to fund the proposed
acquisition of Mattress Firm
– Anticipates drawing on the loan
concurrent with closing the proposed acquisition
LEXINGTON, Ky., Sept. 23,
2024 /PRNewswire/ -- Tempur Sealy International, Inc.
(NYSE: TPX, "Company" or "Tempur Sealy") today announced that it is
launching a proposed senior secured Term Loan B facility in an
aggregate principal amount of up to $1.6
billion (the "Term Loan B"). The Term Loan B will mature
seven years after the date of closing.
Tempur Sealy intends to use the proceeds from the Term Loan B,
together with cash available and proceeds from other debt, to fund
the cash consideration for the previously announced acquisition of
Mattress Firm Group Inc. ("Mattress Firm"). Tempur Sealy intends to
draw on the Term Loan B concurrent with the closing of the Mattress
Firm acquisition.
Forward-Looking Statements
This press release contains statements that may be characterized
as "forward-looking" within the meaning of the federal securities
laws. Such statements might include information concerning one or
more of the Company's plans, guidance, objectives, goals,
strategies, and other information that is not historical
information. When used in this release, the words "will,"
"targets," "expects," "anticipates," "plans," "proposed,"
"intends," and variations of such words or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements include, without limitation, statements
relating to the Company's expectations regarding the outcome of the
pending litigation with the FTC, the expected Mattress Firm
acquisition including expectations regarding post-closing supply
agreements, future performance, integration of acquired companies
with our business and the ability of the Company to close the
Mattress Firm acquisition on the timeline indicated or at all. Any
forward-looking statements contained herein are based upon current
expectations and beliefs and various assumptions. There can be no
assurance that the Company will realize these expectations or that
these beliefs will prove correct.
Numerous factors, many of which are beyond the Company's
control, could cause actual results to differ materially from any
that may be expressed herein as forward-looking statements. These
potential risks include risks associated with receipt of regulatory
approvals and satisfaction of closing conditions prior to
consummation of the acquisition, Mattress Firm's ongoing
operations; the ability to successfully integrate Mattress Firm
into Tempur Sealy's operations and realize synergies from the
transaction; the possibility that the expected benefits of the
acquisition are not realized when expected or at all; general
economic, financial and industry conditions, particularly
conditions relating to the financial performance and related credit
issues present in the retail sector, as well as consumer confidence
and the availability of consumer financing; the impact of the
macroeconomic environment in both the U.S. and internationally on
Mattress Firm and the Company; uncertainties arising from national
and global events; industry competition; the effects of
consolidation of retailers on revenues and costs; and consumer
acceptance and changes in demand for Mattress Firm's and the
Company's products the factors discussed in the Company's Annual
Report on Form 10-K for the year ended December 31, 2023. There may be other factors
that may cause the Company's actual results to differ materially
from the forward-looking statements. The Company undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is
made.
About Tempur Sealy International, Inc.
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 over 750 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.
Tempur Sealy Investor Relations Contact
Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
800-805-3635
Investor.relations@tempursealy.com
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SOURCE Tempur Sealy International, Inc.