Key Developments: Tempur-Pedic International Inc (TPX)
43.28USD
22 May 2013
$-4.27 (-8.98%)
$47.55
$47.41
$47.58
$43.11
3,785,066
1,566,919
$51.02
$20.70
Latest Key Developments (Source: Significant Developments)
Tempur-Pedic International Inc Raises FY 2013 Guidance
Tempur-Pedic International Inc announced that for fiscal 2013, it expects net sales to be approximately $2.5 billion, expects adjusted EPS to be approximately $2.75 per diluted share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $2.6 billion and EPS of $2.97 for fiscal 2013. Full Article
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. Full Article
Tempur-Pedic International Inc Receives FTC Clearance For Acquisition Of Sealy Corporation
Tempur-Pedic International Inc and Sealy Corporation announced that the Federal Trade Commission (FTC) has cleared the Company's planned acquisition of Sealy. Based on this, the Company intends to close the acquisition on March 18, 2013. As previously disclosed, Tempur-Pedic will acquire all of the outstanding common stock of Sealy for $2.20 per share and all of Sealy's outstanding convertible and non-convertible debt, for a total transaction value of approximately $1.3 billion. Full Article
Tempur-Pedic International Inc Updates On Proposed Acquisition Of Sealy Corporation
Tempur-Pedic International Inc announced an update to investors on the anticipated timing for the closing of the proposed acquisition of Sealy Corporation. Sealy's Information Statement has been cleared by the Securities and Exchange Commission and was mailed to stockholders on February 22. Under the terms of the Merger Agreement with Sealy, this mailing must occur at least 20 calendar days prior to the closing of the acquisition. This condition will be satisfied on March 14, 2013. With respect to Hart-Scott-Rodino (HSR) clearance, the extended waiting period for Federal Trade Commission review expires on March 8, 2013. Assuming the Company receives HSR clearance by March 8, 2013, the Company intends to close the acquisition of Sealy in March. Full Article
Tempur-Pedic International Inc Issues FY 2013 Guidance Below Analysts' Estimates
Tempur-Pedic International Inc announced that for fiscal 2013, it expects net sales to be approximately $1.425 billion, expects adjusted EPS to be approximately $2.55 per diluted share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.429 billion and EPS of $2.72 for fiscal 2013. Full Article
Tempur-Pedic International Inc Announces Closing Of $375 Million Senior Notes Offering
Tempur-Pedic International Inc announced that it completed its previously announced offering of $375 million aggregate principal amount of 6.875% senior notes due 2020 (the "Notes"), issued at par. The Notes are general unsecured senior obligations of Tempur-Pedic and are guaranteed on a senior unsecured basis by certain of Tempur-Pedic's subsidiaries. The Notes will pay interest semi-annually on June 15 and December 15 of each year beginning on June 15, 2013. The notes will mature on December 15, 2020 . The net proceeds of this offering will be approximately $366 million after payment of offering and other related expenses. Tempur-Pedic expects to use the net proceeds of the offering, together with cash on hand and borrowings under new senior secured credit facilities entered into by Tempur-Pedic, to finance the acquisition of Sealy Corporation and to pay related fees and expenses. The total proceeds from the sale of the Notes were placed in escrow pending release upon receipt of regulatory approvals and the satisfaction of other conditions to the completion of the Sealy acquisition. Full Article
Tempur-Pedic International Inc Announces Pricing of $375 Million Senior Notes Offering and Entering Into New $1.77 Billion Credit Facilities
Tempur-Pedic International Inc announced that it upsized and priced its offering of $375 million aggregate principal amount of 6.875% senior notes due 2020 (the Notes) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes will be issued at 100% of face value and will mature on December 15, 2020. The offering of the Notes has been upsized from $350 million to $375 million. The offering is expected to close on December 19, 2012. Tempur-Pedic also announced that it entered into new senior secured credit facilities on December 12, 2012 with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank PLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Fifth Third Bank, as joint lead arrangers and joint bookrunning managers. The senior secured credit facilities are comprised of (i) a revolving credit facility of $350.0 million, (ii) a term A facility of $550.0 million and (iii) a term B facility of $870.0 million. The revolving credit facility will include a sublimit for letters of credit and swingline loans, subject to certain conditions and limits. Tempur-Pedic expects to use the net proceeds of the Notes offering, together with cash on hand and borrowings under the new senior secured credit facilities, to finance the Sealy Acquisition and to pay related fees and expenses. Full Article
Tempur-Pedic International Inc Reaffirms FY 2012 Guidance
Tempur-Pedic International Inc announced that it expects net sales for fiscal 2012 to be approximately $1.40 billion and expects fiscal 2012 adjusted earnings per diluted share (EPS) of approximately $2.55. Full Article
Tempur-Pedic International Inc Launches Proposed $350 Million Senior Notes Offering
Tempur-Pedic International Inc announced that it proposes to offer, subject to market conditions and other factors, $350 million aggregate principal amount of senior notes due 2020 (the "Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. Tempur-Pedic expects to use the net proceeds of the offering, together with cash on hand and borrowings under new senior secured credit facilities to be entered into by Tempur-Pedic, to finance the acquisition of Sealy Corporation and to pay related fees and expenses. Full Article
Tempur-Pedic International Inc To Acquire Sealy Corp
Tempur-Pedic International Inc and Sealy Corp announced that they have signed a definitive agreement to create a $2.7 billion global bedding provider. The transaction has been approved by the Boards of Directors of both companies. Tempur-Pedic will acquire all of the outstanding common stock of Sealy for $2.20 per share, representing a premium of approximately 23% to Sealy's 30-day average closing price on September 26, 2012. In addition, Tempur-Pedic will assume or repay all of Sealy's outstanding convertible and non-convertible debt, for a total transaction value of approximately $1.3 billion. The transaction is expected to close during the first half of 2013. Full Article
Weak North American sales drag on Tempur-Pedic
- Mattress maker Tempur-Pedic International Inc's first-quarter revenue fell 11 percent, excluding its recent Sealy's acquisition, hurt by a decline in sales at its core North America business.
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