Tempur Sealy whispers $350 million eight-year notes with high 5%-low 6% yield; pricing Monday

By Paul A. Harris

Portland, Ore., Sept. 21 – Tempur Sealy International, Inc. plans to price a $350 million offering of eight-year senior notes (expected ratings B1/BB-) on Monday following a late-morning conference call with investors, according to a market source.

Early guidance has the deal coming with a yield in the high 5% to low 6% context.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Fifth Third Bank are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering. Barclays is a co-manager.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback.

The Lexington, Ky.-based bedding manufacturer plans to use the proceeds to repay a portion of its term loan debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.