Tempur Sealy Int - TPX STOCK NEWS

Tempur Sealy (NYSE: TPX) has successfully closed a $1.6 billion senior secured Term Loan B facility, set to mature in seven years. The company also amended its 2023 Credit Agreement to extend the availability period of $605 million in Delayed Draw Term A commitments. The Term Loan B proceeds, along with available cash and other debt proceeds, will be used exclusively to fund the previously announced Mattress Firm acquisition. The funds have been placed in escrow and will be released when the acquisition closes.

Tempur Sealy International (NYSE: TPX) has announced that it will release its financial results for the third quarter ended September 30, 2024, on Thursday, November 7, 2024, before the NYSE opening of regular trading. The company will also hold a conference call at 8:00 a.m. Eastern Time on the same day to discuss the results.

Investors and interested parties can access the call via a webcast on the company's investor relations website at investor.tempursealy.com. For those unable to attend the live call, a webcast replay will be available on the website for 30 days following the conference call.

Tempur Sealy International has successfully priced a $1.6 billion senior secured Term Loan B facility. The Term Loan B, set to mature in seven years, is priced at SOFR + 250 bps with an OID of 99.5. The company intends to use the proceeds, along with available cash and other debt, to fund the previously announced acquisition of Mattress Firm Group. The Term Loan B is expected to close and fund into escrow in the next few weeks, with the proceeds to be released concurrently with the closing of the Mattress Firm acquisition.

Tempur Sealy International (NYSE: TPX) has filed a complaint in the United States District Court for the Southern District of Texas seeking an injunction against the Federal Trade Commission's (FTC) administrative proceeding challenging the company's merger with Mattress Firm Group Inc. The action argues that the FTC's separate administrative proceeding, in addition to the pending federal court proceeding, violates constitutional protections.

The FTC's challenge to the merger is already scheduled for a federal court hearing beginning November 12, 2024. Tempur Sealy CEO Scott Thompson emphasized the bedding industry's high competitiveness and stated that the merger would benefit consumers and employees through enhanced product innovation and improved customer experience. The company expects the litigation process to conclude in the coming months, potentially allowing the transaction to close in late 2024 or early 2025.

Tempur Sealy International (NYSE: TPX) has announced the launch of a proposed $1.6 billion senior secured Term Loan B facility. The Term Loan B will have a seven-year maturity from the closing date. The company intends to use the proceeds, along with available cash and other debt proceeds, to fund the cash consideration for the previously announced acquisition of Mattress Firm Group Inc. Tempur Sealy plans to draw on the Term Loan B concurrent with the closing of the Mattress Firm acquisition. This financial move is a significant step towards completing the proposed Mattress Firm acquisition, which was previously announced by the company.

Tempur Sealy International (NYSE: TPX) has provided an update on its proposed acquisition of Mattress Firm, which is being challenged by the Federal Trade Commission. Litigation hearings are set to begin on November 12, 2024, with the company expecting the transaction to close in late 2024 or early 2025. In preparation, Tempur Sealy has entered into an agreement with Mattress Warehouse to divest 73 Mattress Firm locations and its Sleep Outfitters subsidiary, which includes 103 retail locations and seven distribution centers.

The divestiture is subject to the closing of the Mattress Firm acquisition and other conditions. Tempur Sealy will continue to supply its products to the divested stores. Upon completion of both transactions, Tempur Sealy expects to operate over 2,800 retail locations worldwide and anticipates that half of its North American sales will come from Mattress Firm operations. The company maintains its projection of $100 million in annual run-rate synergies by the end of year four after closing the Mattress Firm transaction.

Tempur Sealy International (NYSE: TPX) has announced a third quarter cash dividend of $0.13 per share on its common stock. The dividend will be payable on August 29, 2024, to shareholders of record as of August 15, 2024. This announcement demonstrates the company's commitment to returning value to its shareholders and maintaining a consistent dividend policy. The declaration of a quarterly dividend suggests that Tempur Sealy's Board of Directors has confidence in the company's financial stability and future prospects.

Tempur Sealy International (NYSE: TPX) reported its Q2 2024 financial results, showing mixed performance. Consolidated sales decreased 3% to $1,233.6 million, with North America sales down 3.8% and International sales flat. However, the company demonstrated strong profitability improvements:

- Gross margin expanded 2.2% to 44.9%
- Operating income increased 9.1% to $173.3 million
- Net income rose 14.8% to $106.1 million
- EPS grew 15.4% to $0.60
- Adjusted EPS increased 8.6% to $0.63

The company revised its full-year 2024 guidance, expecting consistent sales compared to 2023 and an adjusted EPS range of $2.45 to $2.65. Tempur Sealy also declared a quarterly dividend of $0.13 per share.

Tempur Sealy International (NYSE: TPX) has announced that it will release its financial results for the second quarter ended June 30, 2024, on Tuesday, August 6, 2024, before the NYSE opens for regular trading. The company will also host a conference call at 8:00 a.m. Eastern Time on the same day to discuss the results. Investors and interested parties can access the webcast of the call through Tempur Sealy's investor relations website. For those unable to attend the live call, a webcast replay will be available on the website for 30 days following the conference call.