Sealy amends loan to allow for notes repurchase

By Sara Rosenberg

New York, Oct. 15 - Sealy Corp. amended and restated its credit agreement in order to allow for the repurchase of up to $25 million in outstanding junior subordinated notes and to amend the requirements for allowing the company to pay accrued interest in cash, according to a filing with the Securities and Exchange Commission.

Under the amendment, the company will have the option within 10 days of the end of each calendar quarter to pay interest on the total outstandings on the notes at a rate of 10% per annum, compared to the previous requirement that called for the accrual of interest at 12%, which was added to the outstandings of the notes.

Sealy is a Trinity, N.C. bedding manufacturer.

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