secwatch.observer — SEC 8-K summary
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Issuer:     Sleep Number Corp (SNBR)
CIK:        0000827187
Form:       8-K
Filed at:   2025-11-05T23:59:59+00:00
Accession:  0000827187-25-000117
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 5.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/827187/000082718725000117/0000827187-25-000117-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/827187/000082718725000117/snbr-20251104.htm
  HTML page:      https://secwatch.observer/filing/0000827187-25-000117

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