S&P: Simmons watch positive

Standard & Poor's said it placed its ratings on Simmons Co. on CreditWatch with positive implications, including its B+ corporate credit and senior secured debt ratings, as well as its B- subordinated and senior unsecured debt ratings.

"The CreditWatch placement follows Simmons' recent announcement that its unrated parent company, THL Bedding Holding Co., expects to file a registration statement for an initial public offering of common stock in June," said S&P credit analyst Martin Kounitz.

The completion of the IPO is subject to market conditions and approvals. The size of the potential offering has not been disclosed. THL Bedding intends to use the net proceeds to repay debt and for working capital purposes. In connection with the offering, THL Bedding plans to change its name to Simmons Co.

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