Sealy refinancing plan includes $350 million seven-year secured notes

By Paul A. Harris

St. Louis, May 13 - Sealy Corp. announced that its refinancing plan includes $350 million of seven-year senior secured notes.

The Trinity, N.C.-based bedding manufacturer's Monday press release also disclosed that the plan includes a $100 million ABL revolver due 2013 and approximately $177 million of senior secured convertible PIK notes due 2016 to be sold via a rights offering.

Proceeds will be used to repay existing credit facilities in full, extend debt maturities to 2013 and beyond and eliminate quarterly maintenance tests on debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.