Mattress major Sealy has amended its existing asset-based revolving senior credit facility.
The amended agreement provides for revolving credit financing of as much as $100 million with a $50 million accordion, subject to borrowing base availability, with a maturity of five years. Previously, the accordion was $25 million and loan maturity was four years. The amended agreement also includes more favorable interest rates.
As of the closing date on May 9, Sealy had $57.1 million of undrawn availability under its senior credit facility. The company, based in Trinity, N.C., said it did not plan to draw on the amended facility in the immediate future.
