22 04 2016

Tempur Sealy $1.1 Billion Refinancing

Davis Polk advised the administrative agent and the joint lead arrangers and joint bookrunners in connection with $1.1 billion senior secured credit facilities provided to Tempur Sealy International, Inc. and certain of its subsidiaries to refinance certain of its existing indebtedness, payment of certain fees and expenses in connection therewith, finance working capital needs and other general corporate purposes.


Tempur Sealy International, Inc. entered into a senior secured credit agreement  with the several banks and other financial institutions party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement replaced the Company’s credit facilities with Bank of America, N.A.. he financing consists of a $500 million initial term loan facility, a $100 million delayed draw term loan facility and a $500 million revolving credit facility. Tempur Sealy International, Inc. is the world’s largest bedding provider. Tempur Sealy develops, manufactures and markets mattresses, foundations, pillows and other products. Tempur Sealy’s brand portfolio includes many of the most highly recognized brands in the industry, including Tempur, Tempur-Pedic, Sealy, Sealy Posturepedic, OptimumTM and Stearns & Foster. The Davis Polk credit team included partner Meyer C. Dworkin (Picture), associates Jeong M. Oh, Conor J. McCormick and W. Soren Kreider IV. Counsel Susan D. Kennedy provided real estate advice. Counsel Craig A. Phillips provided tax advice. Counsel David A. Zilberberg provided environmental advice. Partner Frank J. Azzopardi provided intellectual property and technology advice. Counsel John T. Wright provided ERISA advice. Counsel Jeanine P. McGuinness provided OFAC advice. Involved fees earner: Meyer Dworkin - Davis Polk & Wardwell; Jeong Oh - Davis Polk & Wardwell; Conor McCormick - Davis Polk & Wardwell; Soren Kreider - Davis Polk & Wardwell; Susan Kennedy - Davis Polk & Wardwell; Craig Phillips - Davis Polk & Wardwell; Frank Azzopardi - Davis Polk & Wardwell; David Zilberberg - Davis Polk & Wardwell; John T. Wright - Davis Polk & Wardwell; Jeanine McGuinness - Davis Polk & Wardwell;

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