Tempur-Pedic amends loan, increasing size, extending tenor, lowering pricing

By Sara Rosenberg

New York, June 11 - Tempur-Pedic International Inc. amended its credit facility, increasing revolver commitments, extending the maturity date to June 2012 and reducing pricing, according to an 8-K filed with the Securities and Exchange Commission Monday.

Under the amendment, the domestic revolver commitment was increased by $122 million and the foreign revolver commitment was increased by $30 million.

The revolvers can now carry pricing of Libor plus 62.5 to 125 basis points, based on leverage.

In addition, a $100 million accordion feature was added to the domestic revolver and the $3 million automatic quarterly reduction of the domestic revolver was eliminated.

Lastly, the fixed-charge ratio was replaced with an interest coverage ratio.

The amendment was completed on June 8.

Bank of America is the administrative agent on the deal.

Tempur-Pedic is a Lexington, Ky.-based manufacturer, marketer and distributor of bedding products.

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