Tempur Sealy in $800 Million Bond Offering and Concurrent Credit Agreement Amendment

September 24, 2021

Cleary Gottlieb represented Tempur Sealy International Inc. (Tempur Sealy), in its offering of $800 million aggregate principal amount of 3.875% senior secured notes due 2031.

The offering was conducted as a private placement in the United States under Rule 144A of the Securities Act of 1933 and outside the United States in reliance on Regulation S. The transaction priced on September 21, 2021, and closed on September 24, 2021.

Concurrently on September 21, 2021, Cleary represented Tempur Sealy in an amendment to its 2019 credit agreement. The amendment removed the limit to the amount of netted cash that may be deducted from indebtedness for purposes of calculating certain leverage ratios and added language and terms with respect to the mechanics for borrowing in yen and pound sterling in connection with the transition away from LIBOR as a benchmark reference.

Tempur Sealy is a global leader in the design, manufacture, and distribution of bedding products and delivers award-winning products that provide breakthrough sleep solutions to consumers in over 100 countries. Its highly recognized brands include Tempur-Pedic, TEMPUR, Sealy, and Stearns & Foster, and its non-branded offerings include value-focused private label and OEM products.