LEXINGTON, Ky., Oct. 17, 2019 /PRNewswire/ -- Tempur Sealy
International, Inc. (NYSE: TPX) announced today that it has
successfully completed the closing of its amended revolving and
term loan senior secured credit facilities.
The amended $850 million senior
secured credit facilities include a $425
million revolving credit facility and a $425 million term loan facility. The proceeds of
the revolving and term loan facilities will be used to refinance
Tempur Sealy's existing credit facilities and for general corporate
purposes. The amended credit facilities have an accordion feature
that permits incremental borrowings of at least $550 million and potentially substantially more
based on a specified secured leverage ratio and certain other
conditions.
"We are pleased to announce the refinancing, which reflects our
success in strengthening our global competitive position, our
successful expansion into direct to consumer business and recent
market share gains in North
America. The new facility decreases our borrowing costs,
provides increased operating flexibility and significantly extends
our debt maturities," said Tempur Sealy Chairman and CEO
Scott Thompson. "We truly appreciate
the 12 different world class banks who elected to participate in
the financing and demonstrated their enthusiastic support for
Tempur Sealy by substantially over-subscribing the deal."
Mr. Thompson further added, "This transaction represents the
lowest interest rate spread on a like for like leverage in the
company's history which I believe is a direct reflection of our
powerful Omni channel strategy and our disciplined capital
allocation policies."
Additional details regarding the amended credit facilities will
be available in Tempur Sealy's Current Report on Form 8-K to be
filed with the Securities and Exchange Commission.
About Tempur Sealy International, Inc.
Tempur
Sealy International, Inc. (NYSE: TPX) develops, manufactures, and
markets mattresses, foundations, pillows and other products. The
Company's products are sold worldwide through third party
retailers, its own stores, and online. The Company's brand
portfolio includes many highly recognized brands in the industry,
including Tempur®, Tempur-Pedic®, Sealy® featuring Posturepedic®
Technology, and Stearns & Foster®. World headquarters for
Tempur Sealy International is in Lexington, KY. For more information, visit
http://www.tempursealy.com or call 800-805-3635.
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.