---
schema_version: "secwatch.filing_event.v1"
accession: "0000827187-25-000117"
form_type: "8-K"
ticker: "SNBR"
cik: "0000827187"
company_name: "Sleep Number Corp"
filed_at: "2025-11-05T23:59:59+00:00"
generated_at: "2026-05-17T00:28:47.191868+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000827187-25-000117
- form_type: 8-K
- ticker: SNBR
- cik: 0000827187
- company_name: Sleep Number Corp
- filed_at: 2025-11-05T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/827187/000082718725000117/0000827187-25-000117-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/827187/000082718725000117/snbr-20251104.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000827187-25-000117
- JSON: https://secwatch.observer/filing/0000827187-25-000117.json
- Plain text: https://secwatch.observer/filing/0000827187-25-000117.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.