---
schema_version: "secwatch.filing_event.v1"
accession: "0000827187-26-000035"
form_type: "8-K"
ticker: "SNBR"
cik: "0000827187"
company_name: "Sleep Number Corp"
filed_at: "2026-04-28T23:59:59+00:00"
generated_at: "2026-05-15T03:29:28.125258+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Sleep Number enters forbearance agreement, adds $25M term loan at SOFR+8% with covenant relief

## Summary
- 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.

## SEC filing metadata
- accession: 0000827187-26-000035
- form_type: 8-K
- ticker: SNBR
- cik: 0000827187
- company_name: Sleep Number Corp
- filed_at: 2026-04-28T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/827187/000082718726000035/0000827187-26-000035-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/827187/000082718726000035/snbr-20260427.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000827187-26-000035
- JSON: https://secwatch.observer/filing/0000827187-26-000035.json
- Plain text: https://secwatch.observer/filing/0000827187-26-000035.txt

## Source-grounded claims
- claim_id: 56d984502e2e35715915d4dc2dadc94f94297eb8
  claim: 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.
  evidence_excerpt: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/827187/000082718726000035/0000827187-26-000035-index.htm
- claim_id: 9af0047b4cc75d5b76f4fe35ad32dea40038f642
  claim: 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).
  evidence_excerpt: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/827187/000082718726000035/0000827187-26-000035-index.htm

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