Sealy Mattress to redeem $48.5 million of 8¼% notes with IPO proceeds

By Angela McDaniels

Seattle, April 12 - Sealy Mattress Corp. plans to redeem $48.5 million of its $390 million 8¼% senior subordinated notes due 2014, according to a company news release.

The Archdale, N.C.-based bedding manufacturer said it will use proceeds from the recent initial public offering of its parent company, Sealy Corp., to fund the estimated $54.3 million of redemption costs.

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