Sealy Strikes New Credit Agreement

November 16, 2008  by in UnCategorized   

By Home Furnishings Business in Bedding on November 2008 Sealy, Trinity, N.C., said it has negotiated changes in its credit agreement that provides increased capacity and flexibility.

Larry Rogers, Sealy’s president and CEO, called the new agreement a positive step that “demonstrates the confidence our lenders have in our ability to execute our strategies.”

With the agreement in place, he said, “Our focus remains on implementing the initiatives necessary to drive revenue and aggressively reduce our cost structure, which we believe will enable us to gain market share, improve our profitability and generate solid cash flow.”

Monday’s announcement did not state the name of the lender or specify the amount available under the agreement. The announcement states the new agreement increases the maximum permitted leverage ratio.

Sealy is the largest bedding manufacturer in the world with sales of $1.7 billion in 2007.