S&P Places Mattress Firm (MFRM) on Review for Possible Downgrade
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Mattress Firm's (MFRM) Corp. Family Rating Affirmed by Moody's Amid Sleepy's Deal
December 1, 2015 3:49 PM ESTMoody's Investors Service affirmed Mattress Holding Corp.'s (Nasdaq: MFRM) ("Mattress Firm") B1 Corporate Family Rating, B1-PD Probability of Default Rating, and Ba3 rating on its term loan due 2021.The outlook remains stable.
The rating affirmation follows the company's November 30 announcement that it had entered into an agreement to acquire HMK Mattress Holdings, LLC ("Sleepy's", B3 stable) in a transaction valued at $780 million. Mattress Firm plans to finance the purchase and related fees with incremental debt, approximately $30 million of assumed Sleepy's mortgages and a $10 million rollover equity contribution. While the... More
