Serta Simmons talks $1.31 billion term loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, Feb. 7 - Serta Simmons (AOT Bedding Super Holdings LLC) launched its $1.31 billion senior secured term loan B due Oct. 1, 2019 on Thursday with price talk of Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par offer price, according to a market source.

The term loan B has 101 soft call protection for six months, the source said.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., UBS Securities LLC, Goldman Sachs & Co. and Barclays are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to reprice the existing term loan B from Libor plus 375 bps with a 1.25% Libor floor.

Commitments are due on Feb. 14.

Serta Simmons is a mattress manufacturer.

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