Tempur-Pedic International Inc Announces Completion Of Acquisition Of Sealy Corporation; Announces Name Change

Tempur-Pedic International Inc announced that it completed its previously announced acquisition of Sealy Corporation (Sealy) . The Company also announced that it intends to change its corporate name to Tempur Sealy International, Inc. The Company will continue to trade on the NYSE under the symbol TPX. Tempur-Pedic acquired all of the outstanding common stock of Sealy for $2.20 per share and assumed or will repay all of Sealy's outstanding convertible and non-convertible debt, for a total transaction value of approximately $1.3 billion. As previously disclosed, the Company funded the transaction and the refinancing of its existing credit facility with $1.770 billion senior secured facilities and $375 million of senior notes.