By: Furniture World Magazine\u00c2\u00a0
\nSimmons Company, a leading manufacturer of premium-branded bedding products, announced that
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\n its debt rating and the debt ratings of its operating subsidiary, Simmons Bedding Company (\u00e2\u20ac\u0153Simmons Bedding\u00e2\u20ac\u009d), have been upgraded by Moody\u00e2\u20ac\u2122s Investors Service. Moody\u00e2\u20ac\u2122s rated Simmons\u00e2\u20ac\u2122 outlook as positive.<\/p>\n
Moody\u00e2\u20ac\u2122s upgraded the debt ratings of:<\/p>\n
Simmons Beddings\u00e2\u20ac\u2122 $492 million secured term loan, from B2 to Ba3; Simmons Beddings\u00e2\u20ac\u2122 $75 million secured revolving credit facility, from B2 to Ba3; Simmons Beddings\u00e2\u20ac\u2122 $200 million subordinated notes, from Caa1 to B3; and Simmons\u00e2\u20ac\u2122 $269 million discount notes, from Caa2 to Caa1.<\/p>\n
\u00e2\u20ac\u0153We are very pleased with Moody\u00e2\u20ac\u2122s recognition of the progress we have made,\u00e2\u20ac\u009d said Charlie Eitel, Simmons\u00e2\u20ac\u2122 Chairman and Chief Executive Officer. \u00e2\u20ac\u0153The ratings upgrades reflect our strong 2013 financial performance and consequent debt reduction. Importantly, the ratings upgrade also allows Simmons greater financial flexibility. We appreciate Moody\u00e2\u20ac\u2122s expression of confidence in our ability to continue to deliver superior results.\u00e2\u20ac\u009d As a result of the ratings upgrade, the interest rate margin for Simmons Bedding\u00e2\u20ac\u2122s bank term loan was lowered to LIBOR plus 2% from LIBOR plus 2.25%.<\/p>\n
The upgrades arose from a review by Moody\u00e2\u20ac\u2122s under its new Probability-of-Default and Loss-Given-Default rating methodology. Simmons was one of approximately 100 companies reviewed in six U.S. sectors, including the Consumer Products sector.<\/p>\n
About Simmons Company: Atlanta-based Simmons Company, through its indirect subsidiary Simmons Bedding Company, is one of the world’s largest mattress manufacturers, manufacturing and marketing a broad range of products including Beautyrest\u00c2\u00ae, BackCare\u00c2\u00ae, Beautyrest BlackTM, Natural CareTM Latex, BackCare Kids\u00c2\u00ae and Deep Sleep\u00c2\u00ae. Simmons Bedding Company operates 17 conventional bedding manufacturing facilities and two juvenile bedding manufacturing facilities across the United States and Puerto Rico. Simmons is committed to developing superior mattresses and promoting a higher quality sleep for consumers around the world. For more information, visit the Company’s website at www.simmons.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
By: Furniture World Magazine\u00c2\u00a0 Simmons Company, a leading manufacturer of premium-branded bedding products, announced that<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2194","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=2194"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2194\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=2194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=2194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=2194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}