Businessweek

Tempur-Pedic International Inc. announced that it completed the repricing and reduction of its existing $870.0 million senior secured term B facility. The repricing replaces the Company's existing senior secured term B facility with a new senior secured term B facility with an outstanding principal balance of $867.8 million. Immediately following the repricing, the company made a voluntary prepayment of $125.0 million, lowering the principal amount outstanding on the term B facility to $742.8 million. The voluntary prepayment was funded from a drawing made under the Company's revolving credit facility and from cash on hand obtained from the release of funds previously escrowed to provide for the conversion and discharge of certain notes under the 8% Sealy Notes indenture which were not tendered. In addition, the repricing reduces the current interest rates on the term B facility by 150 basis points. The repricing was effected through an amendment to the Company's existing credit agreement. The amendment reduces the applicable margin for LIBOR on the term B facility to 2.75% from 4.0% and reduces the LIBOR floor for the term B facility to 0.75% from 1.0%.

Tempur-Pedic International Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported operating income of $44.3 million, income before income taxes of $14.9 million, net income of $12.5 million or $0.20 diluted per share on net sales of $390.1 million against operating income of $86.1 million, income before income taxes of $81.5 million, net income of $56.2 million or $0.86 diluted per share on net sales of $384.4 million for the same period a year ago. Net cash provided by operating activities was $37.4 million against $44.6 million for the same period a year ago. Acquisition of business, net of cash acquired was $1,297.7 million. Purchases of property, plant and equipment was $5.6 million against $6.6 million for the same period a year ago. Adjusted net income was $38.2 million or $0.62 diluted per share. EBITDA of $57.7 million, Adjusted EBITDA was $76.8 million. The company issued updated 2013 financial guidance that incorporates the recently acquired Sealy business. The guidance commentary reflects a full year of Tempur-Pedic results and Sealy results from March 18, 2013. Net sales to be approximately $2.5 billion. Adjusted EBITDA to be approximately $435 million. Adjusted EPS to be approximately $2.75, including purchase price allocation ("PPA") intangible depreciation and amortization of approximately $0.21 per share.

Tempur-Pedic International Inc., Q1 2013 Earnings Call, May 02, 2013

Tempur-Pedic International Inc. announced that it is partnering with Home & Garden Television Network (HGTV) to feature a wide range of innovative sleep products in the first-ever HGTV Smart Home, which showcases the latest products in home technology, coupled with eco-friendly features. Built by HGTV in the community of Paradise Key South Beach in Jacksonville Beach, Fla., the high-tech home will be awarded to one winner (June 13, 2013) as part of an HGTV Smart Home Giveaway. The HGTV Smart Home focuses on both increased energy efficiency and smart home technology. Smart home technology is used to connect many of the home's appliances and devices, allowing the occupants to monitor energy use and to control home systems such as security, interior climate, lighting and other electronics.

Tempur-Pedic International Inc. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 02, 2013