Mattress Firm secures final approval of $250 million in DIP financing

By Caroline Salls

Pittsburgh, Oct. 29 – Mattress Firm, Inc. obtained final court approval to access $250 million in debtor-in-possession financing, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the DIP financing consists of a $150 million ABL facility and a $100 million term facility.

Barclays Bank plc is the agent for the three-month ABL facility, which will bear interest at the Base rate plus 175 basis points or Eurodollar plus 275 bps.

Barclays Bank is also the agent for the three-month term facility, which will accrue interest at the Base rate plus 900 bps or Eurodollar plus 1,000 bps.

Mattress Firm, a Houston-based mattress retailer, filed bankruptcy on Oct. 5. The Chapter 11 case number is 18-12241.

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