Tempur Sealy Announces Refinancing of Credit Facilities

Tempur Sealy International, Inc. (NYSE: TPX) announced today that it has successfully completed the closing of its $1.65 billion senior secured credit facilities, which include a $1.15 billion revolving credit facility and a $500 million term loan facility.

The proceeds of the senior secured credit facilities will be used to refinance Tempur Sealy’s existing credit facilities and, in the case of the revolving credit facility, for general corporate purposes. The senior secured credit facilities have an accordion feature that permits incremental borrowings of up to $850 million and potentially substantially more subject to compliance with a specified secured leverage ratio and certain other conditions.

Tempur Sealy Chairman and CEO Scott Thompson said, “We are very pleased with the refinancing of our credit facilities. With this refinancing, we have meaningfully extended our debt maturities, improved our financial flexibility, and increased our potential total senior credit funding while maintaining our current cost of funds in what is clearly a tight commercial banking market.”

Thompson added, “We appreciate the strong support from the 13 market-leading lenders who participated in the financing of these facilities. The transaction was substantially over-subscribed, evidencing support for our strategic vision.”

Additional details regarding the refinanced credit facilities are available in Tempur Sealy’s Current Report on Form 8-K filed today with the Securities and Exchange Commission.

About Tempur Sealy International, Inc.

Tempur Sealy (NYSE: TPX) is committed to improving the sleep of more people, every night, all around the world. As a global leader in the design, manufacture and distribution of bedding products, we know how crucial a good night of sleep is to overall health and wellness. Utilizing over a century of knowledge and industry-leading innovation, we deliver award-winning products that provide breakthrough sleep solutions to consumers in over 100 countries. Our highly recognized brands include Tempur-Pedic®, Sealy® featuring Posturepedic® Technology and Stearns & Foster® and our non-branded offerings include value-focused private label and OEM products. Our distinct brands allow for complimentary merchandising strategies and are sold through third-party retailers, our Company-owned stores and e-commerce channels. This omni-channel strategy ensures our products are offered where ever and how ever customers want to shop. Lastly, we accept our global responsibility to serve all stakeholders, our community and environment. We have and are implementing programs consistent with our responsibilities.

Contact:

Aubrey Moore – Investor Relations – Investor.relations@tempursealy.com 

Source: Tempur Sealy International, Inc.