Daily News: December 26, 2017

Barclays Agents $225MM ABL Facility for Mattress Firm


Mattress Firm, a specialty mattress retailer, entered into a new up to $225 million senior secured asset-based revolving credit facility. This new facility will be available for working capital needs and other general corporate purposes.

The ABL facility has an initial aggregate principal availability amount of $75 million. The company intends to upsize the facility via an incremental availability feature to a total aggregate principal amount of up to $225 million.

“This new credit facility provides independent liquidity and capital to support our strategy, and demonstrates the strength of our business, the value of our assets and the quality of our brands,” stated Ken Murphy, Mattress Firm’s president and CEO. “Over the past year we have made multiple strategic investments that position us to build on our long-term vision to become the largest U.S. vertically integrated mattress retailer. With these initiatives behind us we are excited about the long-term profitable growth opportunities for our business.”

Barclays acted as administrative agent, sole book runner and sole lead arranger on the ABL Facility. Sidley Austin acted as legal counsel to Mattress Firm in connection with the financing. Paul Hastings acted as legal counsel to Barclays in connection with the financing.