Daily News
From Home Furnishing Business
SSB Works with Lenders to Recapitalize Company
June 10,
2020 by Laurie Northington in Business Strategy, Industry 
Serta Simmons Bedding (SSB) has entered into a transaction support agreement with a majority of its First Lien and Second Lien Term Loan Holders to recapitalize the company.
The transaction is expected to reduce net debt by approximately $400 million, and further provides for $200 million in new capital to increase its financial strength and support the acceleration of SSB's business transformation plan.
"The agreement with our lenders is further validation of our business and transformation strategy as well as our leadership team," said David Swift, chairman and CEO. "The transaction set out in this agreement will deliver value to our stakeholders and provide the company with increased financial flexibility as we continue to navigate the current macroeconomic challenges, implement our ongoing growth initiatives, and offer customers the leading products they have come to expect from SSB. We are appreciative of our lenders for their support and confidence in our long-term success."