Tempur Sealy borrows $100 million to fund convertible note repayment

By Tali Rackner

Norfolk, Va., July 18– Tempur Sealy International, Inc. borrowed $100 million using the delayed-draw term loan facility under its senior secured credit agreement on Friday in connection with the making of conversion payments with respect to, and the repayment of, the 8% senior secured third-lien convertible notes issued by Sealy Corp. and Sealy Mattress Co., according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the administrative agent on the credit agreement.

The commitment to provide the delayed draw term loan facility terminated with its funding.

Tempur Sealy is a Lexington, Ky.-based bedding provider.

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