Select Comfort extends waiver of financial covenants under facility

By Sara Rosenberg

New York, Oct. 29 - Select Comfort Corp. received another waiver of compliance with financial covenants under its credit facility, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Specifically, the minimum interest coverage ratio was waived for the fiscal period ended Dec. 31, 2008 and other applicable fiscal periods ending on or prior to the waiver; the maximum leverage ratio was waived for the fiscal period ended on March 31, 2009 and other applicable fiscal periods ending on or prior to the waiver; and the EBITDA covenant was waived for the fiscal period ended Dec. 31, 2008 and other applicable fiscal periods ending on or prior to the waiver.

In addition, the requirement that the company deliver its audit for fiscal year 2008 without a going concern qualification or exception was waived.

The waiver was effective as of Oct. 27 and expires on Nov. 10.

JPMorgan is the administrative agent on the deal.

Select Comfort is a Minneapolis-based adjustable-firmness bed maker.

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