Tempur Sealy driving by with $800 million 10-year senior notes; initial talk in low 4% area

By Paul A. Harris

Portland, Ore., Sept. 21 – Tempur Sealy International, Inc. plans to price an $800 million offering of 10-year senior notes (Ba2/BB/BB+) in a Tuesday drive-by, according to market sources.

The deal is in the market with initial guidance in the low 4% area.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S offering.

The notes come with five years of call protection.

The Lexington, Ky.-based bedding products supplier plans to use the proceeds to pay off its revolver and accounts receivable securitization facility and for general corporate purposes.

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