Fitch assigns BB+ to Tempur Sealy notes

Fitch Ratings said it assigned a BB+/RR4 rating to Tempur Sealy International, Inc.'s $800 million senior notes offering.

Net proceeds of the new notes will be used to repay outstanding balances under the revolving credit facility and accounts receivable securitization with the remaining balance utilized for general corporate purposes.

The outlook is stable.

The company’s BB+ rating reflects the strong operating performance, which has been driven by expanded distribution and market share gains supported by operating initiatives that expanded Tempur Sealy’s omni-channel presence, enhanced the brand/product portfolio and improved manufacturing capabilities, Fitch said in a news release.

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