Sealy looking into financing alternatives for loans maturing December 2002

By Sara Rosenberg

New York, April 18 - Sealy Corp., faced the upcoming maturity of its revolving credit facility and a portion of its term loan, is currently looking into various financing alternatives, according to Rick Moss, vice president and treasurer of Sealy.

The company's $100 million revolver and about $25 million out of $350 million in terms are scheduled to mature in December 2002, according to a company filing with the Securities and Exchange Commission. The remainder of the term loans mature over 2004, 2005 and 2006.

One solution that the Trinity, N.C. bedding manufacturer is considering, according to the SEC filing, is the renewal of the existing credit facility. According to Moss, negotiations with banks in regards to refinancing the revolver have not yet begun.

"We're still assessing the market and looking into various alternatives," he told Prospect News. "We will come to some conclusion in the not too distant future."

As of March 3, 2002, the company had approximately $89.3 million available under the revolver including letters of credit issued totaling about $10.7 million, the SEC filing said. Currently, the company has no borrowings outstanding under the revolver. Capital expenditures for the first quarter of 2002 totaled $3.4 million.

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