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Moody’s might lower Mattress Firm
Moody's Investors Service said it placed Mattress Firm Holding Corp.'s (B2 positive) ratings on review for downgrade following the company's announcement that it entered into an agreement to acquire all of the outstanding equity interest in Sleep Train, Inc. in a transaction valued at about $425 million, as well as assumption of an estimated $15 million of additional target company liabilities.
The exact terms of conditions of the transaction have not been announced, however the company has disclosed its plan to finance the deal with roughly 90% of cash and debt and 10% of common stock.
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