Sealy to redeem PIK notes, some 8¼% notes with IPO proceeds

New York, June 30 - Sealy Corp. said it plans to redeem its 10% senior subordinated pay-in-kind notes due July 15, 2015 and some of its $390 million of 8¼% senior subordinated notes due June 15, 2014 with part of the proceeds of a planned initial public offering of common stock.

The Trinity, N.C., mattress maker registered up to $402.5 million of stock in an S-1 filing with the Securities and Exchange Commission Thursday. Citigroup and JPMorgan are bookrunners.

Of the proceeds, $58.0 million will be used to redeem the 2014 notes and pay accrued interest and a redemption premium and $80.5 million to redeem the PIK notes and pay accrued interest and a redemption premium.

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