Sleep Number closed an amended security agreement, with U.S. Bank serving as administrative agent, swing line lender and issuing lender. Sleep Number also entered into various ancillary agreements related to the credit agreement, including promissory notes and security documents.

According to an 8-K filing, the new credit agreement provides a $300 million secured revolving credit facility for working capital and general corporate purposes and for the refinancing of existing indebtedness of Sleep Number, including refinancing of indebtedness outstanding under the prior credit agreement, and for acquisitions permitted under the credit agreement.

Up to $10 million of the revolving credit facility is available for issuances of letters of credit and up to $25 million of the revolving credit facility is available for swing line loans. Sleep Number may at any time request that the amount of the credit facility be increased by up to $150 million in increments of $10 million or more, effective upon agreement of an existing or new lender to such additional commitment. The facility matures on February 14, 2023.

Minnesota-based Sleep Number currently operates more than 550 stores throughout the U.S.