TRINITY, N.C.–Sealy has finished its refinancing plan with its rights offering of senior secured convertible notes.
The rights offering totaled $177.132 million, and the company has applied to list the convertible notes on the New York Stock Exchange, according to a Sealy statement. Sealy also said it expects the listing to be approved this week, and that the notes will begin trading on the NYSE on July 20.
Sealy had announced the refinancing plan in May. Along with the issuance of these notes, the company said at that time that it would repay its existing credit facilities in full, enter into a new revolving credit facility and issue other senior secured notes totaling $350 million.
The object of the plan, according to Larry Rogers, president and chief executive officer, is to recapitalize Sealy for the long term, help it to weather an extended economic downturn and position the company for growth when the economy improves.