secwatch.observer — SEC 8-K summary
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Issuer:     Sleep Number Corp (SNBR)
CIK:        0000827187
Form:       8-K
Filed at:   2026-04-28T23:59:59+00:00
Accession:  0000827187-26-000035
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/827187/000082718726000035/0000827187-26-000035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/827187/000082718726000035/snbr-20260427.htm
  HTML page:      https://secwatch.observer/filing/0000827187-26-000035

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