Tempur Sealy closes $1.65B refinancing; extends maturities to 2028

SOMNIGROUP INTERNATIONAL INC.

New $1.15B revolver and $500M term loan, maturity October 10, 2028.
Proceeds refinance existing credit facilities; revolver also for general corporate purposes.
Incremental facility up to $850M plus additional amounts subject to secured leverage test.
Financial covenants: interest coverage ≥3.0x, total leverage ≤5.0x, secured leverage ≤3.5x.
CEO says extended maturities, improved flexibility, maintained cost of funds; oversubscribed.

Key facts

Extracted from this filing and checked against the source text.

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

SOMNIGROUP INTERNATIONAL INC. entered into Credit Agreement with Bank of America, N.A., as administrative agent, and the several banks and other financial institutions party thereto valued at $1.15 billion revolving credit facility, a $500 million term loan facility (effective 2023-10-10).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, and the several banks and other financial institutions party thereto
Value: $1.15 billion revolving credit facility, a $500 million term loan facility
Effective: 2023-10-10

Exact text from the filing

On October 10, 2023, Tempur Sealy International, Inc. (the "Company"), Tempur-Pedic Management, LLC (the "Additional Borrower") and certain wholly-owned subsidiaries of the Company (the "Subsidiary Guarantors") entered into a senior secured credit agreement (the "Credit Agreement") with the several banks and other financial institutions party thereto and Bank of America, N.A., as administrative agent (the "Agent").

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SOMNIGROUP INTERNATIONAL INC. filing history →

Source: SEC EDGAR

accession 0001206264-23-000196

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