Sleep Number Corp (SNBR): debt financing — Sleep Number enters forbearance agreement, adds $25M term loan at SOFR+8% with covenant relief

Sleep Number Corp

New $25M term loan at one-month SOFR + 8%, matures June 30, 2026; $5M amortization due June 1.
Lenders forbear from exercising remedies on specified defaults; $30M liquidity covenant waived until July 2026.
Company must meet milestones toward a strategic transaction to maximize enterprise value and repay credit obligations.
Total additional liquidity of $55M; Q1 2026 results to be reported on May 12, 2026.
New product rollout (ComfortMode) and marketing campaign underway; early customer response positive.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

Sleep Number Corp incurred term loan of $25 million term loan facility (the '2026 Term Loan') with U.S. Bank National Association and certain other financial institutions at one-month term SOFR rate plus 8.00% maturing matures on June 30, 2026, with a $5 million amortization payment due on June 1, 2026.

Instrument: term loan
Principal: $25 million term loan facility (the '2026 Term Loan')
Counterparty: U.S. Bank National Association and certain other financial institutions
Rate: one-month term SOFR rate plus 8.00%
Maturity: matures on June 30, 2026, with a $5 million amortization payment due on June 1, 2026
Event: incurrence

Exact text from the filing

On April 27, 2026, Sleep Number Corporation, a Minnesota corporation (“Sleep Number”), entered into a Forbearance Agreement and Thirteenth Amendment (the “Thirteenth Amendment”) amending the Amended and Restated Credit and Security Agreement, dated as of February 14, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among U.S. Bank National Association (“U.S. Bank”), as Administrative Agent, Swing Line Lender and Issuing Lender, and certain other financial institutions party thereto.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sleep Number Corp amended Forbearance Agreement and Thirteenth Amendment with U.S. Bank National Association valued at $25 million term loan facility (effective 2026-04-27).

Action: amendment
Agreement: credit facility
Counterparty: U.S. Bank National Association
Value: $25 million term loan facility
Effective: 2026-04-27

Exact text from the filing

On April 27, 2026, Sleep Number Corporation, a Minnesota corporation (“Sleep Number”), entered into a Forbearance Agreement and Thirteenth Amendment (the “Thirteenth Amendment”) amending the Amended and Restated Credit and Security Agreement, dated as of February 14, 2018

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Sleep Number Corp filing history →

Source: SEC EDGAR

accession 0000827187-26-000035

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