Wells Fargo Provides $120MM Facility to Tempur Sealy
Tempur Sealy International and certain of its subsidiaries entered into a securitization transaction with respect to certain indebtedness and other obligations owed to subsidiaries of the company arising from the sale of goods or provision of services by these subsidiaries.
In connection with that transaction, the company and Tempur Sealy Receivables entered into a credit and security agreement with Wells Fargo Bank as lender. The credit agreement provides for revolving loans totaling a maximum amount of $120 million. The loans will bear interest at a floating rate equal to a one month LIBOR index plus 80 basis points.
The obligations of the borrower under the credit agreement will be secured by the receivables and certain related rights, including rights under the receivables sale agreements.