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Moody’s eyes Mattress Firm for upgrade
Moody’s Investors Service said it placed Mattress Firm Inc.’s ratings, including its B1 senior secured bank credit facility rating, on review for upgrade. The rating was stable.
On Tuesday, Tempur Sealy International Inc. reported it plans to buy Mattress Firm for about $4 billion. Tempur plans to fund the acquisition with approximately $2.7 billion in cash and $1.3 billion in Tempur stock. The deal is expected to close during the second half of 2024 and is subject to customary closing conditions including applicable regulatory approvals.
“The review for upgrade reflects Moody's expectation that, should Mattress Firm's acquisition by Tempur be completed, Mattress Firm's debt will be repaid in full. The review also considers the fact that Mattress Firm will become part of one of its largest suppliers, benefiting from greater scale, streamlined operations, synergies and improved supply chain management,” the agency said in a press release.
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