Moody’s could raise Sleepy’s

Moody's Investors Service said it placed the B3 corporate family rating and B3-PD probability of default rating of HMK Mattress Holdings LLC (Sleepy's) under review for upgrade following the company's Nov. 30 announcement that it signed a definitive agreement to be acquired by Mattress Holding Corp. (Mattress Firm, B1 Stable) for $780 million.

Moody's also placed Sleepy's term loan under review for upgrade.

The review for upgrade reflects expectations that the acquisition by Mattress Firm will improve Sleepy's credit profile, as the debt will be repaid or assumed by Mattress Firm.

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