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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Agents Incremental Credit Facilty for Tempur Sealy
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Lenders/Participants
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JPMorgan Chase Bank [Administrative Agent]
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Structure
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364-Day Term Loan
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Amount
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$200.000
Million
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Borrower(s)
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Tempur Sealy International, Inc.
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Description
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An incremental borrowing of $200 million. The Company entered into an incremental 364-day $200 million term loan (the "364-Day Loan") among several banks and other financial institutions, including JPMorgan Chase Bank, N.A., as administrative agent. The additional financing provided under the 364-Day Loan enhances the Company's liquidity during the unprecedented global impact of COVID-19. The Company intends to use the proceeds of the 364-Day Loan to repay borrowings under its existing $425 million revolving credit facility thus providing increased capacity under its current line of credit. The Company's existing credit agreement (the "Credit Agreement") was amended to accommodate the 364-Day Loan. Although no financial covenants were amended, the Company has agreed under the amendment to the Credit Agreement to certain additional restrictive provisions, including limitations on the Company's ability to repurchase shares and make certain investments for the duration of the 364-Day Loan. The 364-Day Loan may be prepaid with no penalty at any time, at which point all terms revert to those of the original Credit Agreement, including the Company's ability to repurchase shares and make certain investments.
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Industry
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Consumer Products
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| Related Tags |
JPMorgan Chase Bank
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ABL Advisor
Deal Tables
2025
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