Tempur Sealy International successfully completed the closing of its new revolving and term loan senior secured credit facilities.

The new $1.1 billion senior secured credit facilities include a $500 million revolving credit facility, a $500 million term loan facility and a $100 million delayed draw term loan facility. The proceeds of the revolving and term loan facilities will be used to refinance Tempur Sealy’s existing credit facilities and the proceeds of the delayed draw term loan facility will be used to support the repayment of Tempur Sealy’s 8% Sealy Notes due July 2016.

According to a related 8-K filing, on April 6, 2016, Tempur Sealy International entered into a senior secured credit agreement with several banks and other financial institutions. JPMorgan served as administrative agent. The credit agreement replaced the company’s credit facilities with a group of lenders led by Bank of America, as administrative agent, which were governed by a credit agreement, dated December 12, 2012.

Tempur Sealy Chairman and CEO Scott Thompson commented, “We are pleased to announce this refinancing, which lowers our borrowing costs, extends debt maturities, and provides the company with increased flexibility to manage its capital structure. We appreciate the very strong support we received from the financial community with 14 different banks participating.”

Lexington, KY-based Tempur Sealy International is a global bedding provider.