Sealy announces upcoming make-whole conversion period for 8% notes

By Marisa Wong

Madison, Wis., March 1 - Sealy Corp. said it delivered notice of a make-whole event to holders of its 8% senior secured third-lien convertible notes due 2016 jointly issued with Sealy Mattress Co.

The make-whole event refers to Sealy's merger with and into Tempur-Pedic International Inc., which is expected to become effective on or after March 15.

During the make-whole conversion period, the company will reduce the conversion price for the notes.

The company said that once the effective date of the make-whole event is set (the merger is completed) the two issuers will notify holders and trustee Bank of New York Mellon Trust Co., NA of the exact reduced conversion price.

Sealy is a Trinity, N.C.-based mattress manufacturer.

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