Tempur Sealy International closed on a senior secured term loan B facility in an aggregate principal amount of $1.6 billion. The facility will mature seven years after the date of closing. The company also amended its 2023 credit agreement to reflect this new term loan B and extend the availability period of $605 million of the company’s delayed draw term A commitments that closed earlier this year. According to a related 8-K filing, Bank of America served as administrative agent on the amendment, and Wells Fargo Securities served as left lead arranger._x000D_
_x000D_
Tempur Sealy intends to use the proceeds from the term loan B, together with cash available and proceeds from other debt, solely to fund the cash consideration for the previously announced acquisition of Mattress Firm. The proceeds from the term loan B were funded into escrow and are to be released concurrently with the closing of the Mattress Firm acquisition._x000D_
_x000D_
“We appreciate the strong support behind this financing from the debt market,” Scott Thompson, chairman and CEO of Tempur Sealy, said. “With this step, we have obtained the financing necessary to fund the proposed acquisition of Mattress Firm.”
Forward for Specialty Finance
