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Immediately following the repricing, the Company made a voluntary prepayment of $125.0 million, lowering the principal amount outstanding on the term B facility to $742.8 million.
The voluntary prepayment was funded from a drawing made under the Company's revolving credit facility and from cash on hand obtained from the release of funds previously escrowed to provide for the conversion and discharge of certain notes under the 8% Sealy Notes indenture which were not tendered. In addition, the repricing reduces the current interest rates on the term B facility by 150 basis points.
The repricing was effected through an amendment to the Company's existing credit agreement. The amendment reduces the applicable margin for LIBOR on the term B facility to 2.75% from 4.0% and reduces the LIBOR floor for the term B facility to 0.75% from 1.0%.
Dale Williams, Executive Vice President and Chief Financial Officer commented, "This repricing further improves the Company's capital structure and is expected to reduce our annual cash interest costs by more than $10 million. We are committed to reducing our debt and this repricing will provide the Company with additional cash flow flexibility to do so."
About the Company
Tempur-Pedic International Inc.is the world's largest bedding provider. Tempur-Pedic International develops, manufactures and markets mattresses, foundations, pillows and other products. The Company's brand portfolio includes many of the most highly recognized brands in the industry.
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