Mattress Firm extends over $200 million of loan at Libor plus 350 bps

By Sara Rosenberg

New York, Nov. 7 - Mattress Firm pushed out the maturity on 88% of its term loan, or just over $200 million, by two years to January 2016 at pricing of Libor plus 350 basis points, according to a market source.

The spread on the extended term loan came at the wide end of the Libor plus 325 bps to 350 bps talk. Non-extended pricing is Libor plus 225 bps.

In addition, the amendment increased the revolving credit facility to $100 million from $35 million and extended the revolver by two years to January 2015.

Also, the amendment increased the amount of permitted capital expenditures to $80 million on an annual basis and lifted the maximum amount that can be spent on acquisitions to $200 million, the company said in an 8-K filed with the Securities and Exchange Commission on Wednesday.

The amendment and extension was effective on Nov. 5.

UBS Securities LLC led the deal.

Mattress Firm is a Houston-based mattress retailer.

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