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Sleep Innovations Announces Completion of $45 Million Senior Secured Credit Facility

^{Published on 2010-12-13 07:35:20 - Market Wire}
 

WEST LONG BRANCH, N.J.--([ BUSINESS WIRE ])--Sleep Innovations, a market leader in designing and manufacturing advanced foam comfort solutions, announced today that it has closed on a $45 million Senior Secured Credit Facility that matures December 2014 with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). The Company intends to use the facility as part of its refinancing strategy for general corporate purposes that include working capital requirements, lowering overall financing costs and increasing financial flexibility. The company terminated its current $25 million Working Capital Facility.

"We are pleased to provide Sleep Innovations with a new, larger revolving credit facility, which will provide greater flexibility to the company"

aOur ability to refinance our credit facility, at more favorable terms, demonstrates the confidence that the financial and investment community has in Sleep Innovations,a said Michael Thompson, President of Sleep Innovations.

aWe are pleased to provide Sleep Innovations with a new, larger revolving credit facility, which will provide greater flexibility to the company,a said Scott Ryan, Regional Sales Manager and Managing Director at Wells Fargo Capital Finance. aWe look forward to working with the management team and supporting their long term goals.a

Wells Fargo Capital Finance is acting as the sole agent for this facility.

About Sleep Innovations

Sleep Innovations is the leader in consumer-driven foam products, proven to deliver comfort, relaxation and rejuvenation. The company designs and manufactures advanced, memory foam products, including pillows, mattress toppers and mattresses. Through extensive testing, Sleep Innovations has found that its foam solutions help to improve the quality of its consumersa™ lives through better sleep. For more information, visit [ www.sleepinnovations.com ].