Home

KKR Stuffs More Cash in Its Mattress for More Rainy Days - Wall Street Journal Blogs

14.05.09

Ask a private-equity pro what they are up to and you will likely get one of the following responses: We’re battening down the hatches. We’re hoping to make it across the icy river. We’re trying weather the storm. (One thing we’ve learned on this beat is that buyout executives toss out cliches with as much vigor as baseball players.)

In less clichéd terms, private-equity firms’ portfolio companies are drowning in debt from boom-era deals, with much of it coming due in the next few years. Rather than wait for looming maturity dates, buyout shops are aggressively working to fix their companies’ capital structures before they implode.

Wednesday, Kohlberg Kravis Roberts performed a little restructuring work on Sealy Corp., which has debt maturities in 2010. The publicly traded mattress maker, which is 50.6% owned by KKR, announced a refinancing to improve liquidity and increase maturity dates. Sealy–with its felicitous stock symbol “ZZ”–said it was repaying all existing credit facilities and replacing them with $350 million in senior secured notes and $177 million in senior secured convertible notes, both due 2016, and an $100 million asset-based loan maturing in 2013.        

Source: Wall Street Journal Blogs, NY

mattress - News

High-end mattress maker Vi-Spring enters North America Furniture Today - Feb 08, 2010 Furniture TodayHigh-end mattress maker Vi-Spring enters North AmericaFurniture TodayEDMONTON, Alberta — British high-end mattress maker Vi-Spring has entered the North America market, opening six independent retail accounts in Canada and

Mattress fire claims woman's life Toronto Star - Feb 08, 2010 Mattress fire claims woman's lifeToronto StarThe fire appears to have begun with a mattress on the second floor of the home on Gateshead Crescent, a residential street near Queenston and Grey roads in Woman dies after Hamilton mattress fireFire claims life of Stoney Creek womanFirefighter Injured In Hamilton House Fireall 6 news articles »

Win a New Beautyrest Mattress with Simmons' "Tweet for Sleep" Twitter® Sweepstakes PR Web (press release) - Feb 08, 2010 PR Web (press release)Win a New Beautyrest Mattress with Simmons' "Tweet for Sleep" Twitter® SweepstakesPR Web (press release)Atlanta, GA (Vocus/PRWEB ) February 8, 2010 -- If you're not getting a good night's sleep or your old mattress is so worn out that it keeps you up at night, and more »

Tempur-Pedic Raises Prices On New Cloud Mattress Line >TPX Wall Street Journal - Feb 02, 2010 Furniture TodayTempur-Pedic Raises Prices On New Cloud Mattress Line >TPXWall Street JournalTempur-Pedic International Inc. (TPX) is raising prices on its new Cloud line of mattresses amid strong sales. Mattress & Pillow sales up at Tempur-PedicA better life begins with Barron'sTempur-Pedic Raises $500000 for Pancreatic Cancer Researchall 28 news articles »

Boy Burned In Mattress Fire KOCO - Feb 08, 2010 Boy Burned In Mattress FireKOCOA 6-year-old child suffered burns and destroyed his family's home after lighting a mattress on fire Sunday. Crews said when they arrived at the home near and more »