04:20 PM EDT, 10/04/2024 (MT Newswires) -- Tempur Sealy International ( TPX ) said Friday it priced a $1.6 billion senior secured term loan B facility that will mature after seven years.

The term B loan is priced at secured overnight financing rate, plus 250 basis points. Tempur expects to close the credit facility in the next few weeks.

The company plans to use the proceeds, together with cash available and proceeds from other debt, solely to fund the previously announced acquisition of Mattress Firm Group.

Tempur shares fell 2% in recent after-hours activity.

Price: 51.89, Change: -1.11, Percent Change: -2.09