Tempur Sealy Announces Proposed $800 Million Senior Notes Offering
Tempur Sealy International (NYSE: TPX) announced on March 11, 2021, its intention to offer $800 million in senior notes due 2029. The offering targets qualified institutional buyers under Rule 144A and non-U.S. persons outside the United States under Regulation S. Funds will be utilized to redeem outstanding senior notes due 2026 and for general corporate purposes. The notes will be senior unsecured obligations and are not registered under the Securities Act, thus limiting their sale within the U.S.
- Plans to redeem $800 million in senior notes due 2026, potentially improving financial flexibility.
- Offers senior unsecured notes which may attract institutional investors.
- The offering may dilute existing shareholder equity if not managed properly.
- Uncertainty surrounding market conditions could impact the success of the offering.
LEXINGTON, Ky., March 11, 2021 /PRNewswire/ -- Tempur Sealy International, Inc. (NYSE: TPX, "Tempur Sealy" or "Company") today announced that it intends to offer, subject to market and other considerations,
The Notes will be senior unsecured obligations of the Issuer guaranteed by the same entities that guarantee its obligations under its existing credit facility. The terms of the Notes will be determined by negotiations between Tempur Sealy and the initial purchasers.
Tempur Sealy intends to use the net proceeds from this offering partly to redeem in full the outstanding
This announcement is not an offer to sell or a solicitation of an offer to buy any security. The Notes will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements
About the Company
Tempur Sealy is committed to improving the sleep of more people, every night, all around the world. As a global leader in the design, manufacture and distribution of bedding products, we know how crucial a good night of sleep is to overall health and wellness. Utilizing over a century of knowledge and industry-leading innovation, we deliver award-winning products that provide breakthrough sleep solutions to consumers in over 100 countries.
Our highly recognized brands include Tempur-Pedic®, Sealy® and Stearns & Foster® and our non-branded offerings include value-focused private label and OEM products. Our distinct brands allow for complementary merchandising strategies and are sold through third-party retailers, our Company-owned stores and e-commerce channels. This omni-channel strategy ensures our products are offered where ever and how ever customers want to shop.
Lastly, we accept our global responsibility to serve all stakeholders, our community and environment. We have and are implementing programs consistent with our responsibilities.
Investor Relations Contact
Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
800-805-3635
Investor.relations@tempursealy.com
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SOURCE Tempur Sealy International, Inc.
FAQ
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