Tempur Sealy International, Inc. Prices Its Offering of $800 Million Aggregate Principal Amount of 3.875% Senior Notes Due 2031
September 21, 2021 at 09:09 pm
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On September 21, 2021 Tempur Sealy International, Inc. (the "Company") and Tempur-Pedic Management, LLC (the "Additional Borrower") entered into an Amendment (the "Amendment") to the Company's Amended and Restated Credit Agreement dated as of October 16, 2019 (as amended, supplemented or otherwise modified as of the effective date of the Amendment, including by the Amendment, the "Credit Agreement"), among several banks and other financial institutions party thereto and JPMorgan Chase Bank, N.A., as administrative agent. On September 21, 2021, the Company issued a press release announcing that it priced its offering of $800 million aggregate principal amount of 3.875% senior notes due 2031 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act.
Tempur Sealy International, Inc. is a designer, manufacturer, distributor and retailer of bedding products. The Company operates through two segments: North America and International. North America segment consists of manufacturing, distribution and retail subsidiaries and licensees located in the United States, Canada and Mexico. Its International segment consists of manufacturing, distribution and retail subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America (other than Mexico). Its portfolio of product brands includes Tempur-Pedic, Stearns & Foster, Sealy, Cocoon by Sealy, and its non-branded offerings include private label and original equipment manufacturer (OEM) products, including mattresses, pillows and other bedding products and components. Its primary selling channels are wholesale and direct. Its products are sold through third-party retailers, and over its approximately 750 Company-owned stores and e-commerce platforms.