Tempur Sealy International is launching a proposed senior secured term loan B facility in an aggregate principal amount of up to $1.6 billion.
According to Bloomberg, a syndicate led by Wells Fargo plans to provide the facility. The facility is expected to 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.
Tempur Sealy intends to draw on the term loan B concurrent with the closing of the Mattress Firm acquisition.
According to Bloomberg, the Federal Trade Commission has taken steps to block the acquisition, which is valued at $4 billion.
