Tempur Sealy to fully repay revolver with proceeds of new notes

By Rebecca Melvin

Concord, N.H., Sept. 21 – Tempur Sealy International, Inc. plans to fully repay borrowings under its revolving credit facility and accounts receivable securitization facility, using proceeds of a new notes deal, according to a company release.

The proceeds from the offering of 10-year notes will also be used for general corporate purposes.

The deal was being talked at $800 million in size with initial guidance for an interest rate in the low 4% area, according to market sources.

The Lexington, Ky.-based bedding products supplier plans to use the proceeds to pay off its revolver and accounts receivable securitization facility and for general corporate purposes.

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