Sleep Number amends credit facility with tighter covenants, extends maturity; director departs

Sleep Number Corp

Revolver reduced from $485M to $475M (further to $465M Jul 2026); accordion terminated.
Maturity extended to Dec 3, 2027; term loan amortization increases by $1.25M per payment starting Mar 2027.
Covenant adjustments: max Net Leverage Ratio set step down from 5.25x to 4.00x; Interest Coverage min 1.50x to 2.20x.
New minimum EBITDA covenant added starting April 2026; liquidity floor raised to $40M from Oct 2026.
Director Stephen Gulis Jr. retired from Board effective Nov 4, 2025, per prior agreement tied to debt refinancing.

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