Moody's rates Tempur-Pedic loan Ba3, notes B1

Moody's Investors Service said it assigned a B1 corporate family rating to Tempur-Pedic International and a Ba3 to its $1.77 billion senior secured credit facility and a B1 to its senior unsecured notes.

The outlook is stable.

On Sept. 27, Tempur-Pedic International signed an agreement to purchase Sealy Mattress Co. in a deal valued at around $1.3 billion.

Proceeds from the transaction will be used to refinance Tempur-Pedic's revolving credit facility borrowings, purchase the fully diluted equity of Sealy and repay Sealy's senior secured and subordinated notes.

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