Sleep Number adds $200 million term loan, increases revolver

By Wendy Van Sickle

Columbus, Ohio, Dec. 6 – Sleep Number Corp. entered into an amendment to its credit agreement on Friday, adding a $200 million five-year term loan and increasing the existing revolver to $625 million from $600 million, according to an 8-K filed with the Securities and Exchange Commission.

The amendment also increases the available swingline loans to $100 million from $75 million and the accordion to $400 million from $200 million.

Further, the outstanding credit facilities’ maturity date was reset to five years and the opportunity was added for Sleep Number to take on additional unsecured debt as long as the company’s senior secured leverage ratio is not greater than 3.25 times immediately after issuing the debt and so long as Sleep Number continues to have an ongoing total debt leverage ratio of no greater than 4.5 times.

U.S. Bank NA is the administrative agent.

Sleep Number is a Minneapolis-based manufacturer of beds and bedding accessories.

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