Tempur-Pedic Projects Annual Sales at $1.4 Billion
LEXINGTON, Ky.-Tempur-Pedic said it expects its total sales for this fiscal year to come in at $1.4 billion.
If it meets that projection, the company's sales would be about flat compared to fiscal 2011, in which Tempur-Pedic set records for total sales and net income, which finished at $219.6 million. A company statement cautioned that this year's actual sales "are subject to changing conditions, many of which are outside the company's control."
In a separate statement, Tempur-Pedic said it has begun an offering of senior notes valued at $350 million. The company said it intends to use the proceeds from the offering, along with cash on hand and borrowings under new senior secured credit facilities it has entered into, to finance its acquisition of Sealy. The two companies announced their agreement for Tempur-Pedic to purchase Sealy in September.
Last month, Tempur-Pedic said it had received a request for additional information and documentary materials on the acquisition from the Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. A Tempur-Pedic statement said both companies intended to comply with the request and have been cooperating with the FTC in connection with its review of the acquisition. This request in effect extends the waiting period imposed by the act until 30 days after each company has complied with the request, unless the period is extended voluntarily by Tempur-Pedic and Sealy or terminated sooner by the FTC.
Tempur-Pedic said it still expects to close the acquisition in the first half of 2013.