{"id":2759,"date":"2013-11-29T13:23:30","date_gmt":"2013-11-29T07:53:30","guid":{"rendered":"http:\/\/indonesia-furniture.com\/news\/2013\/11\/29\/tempur-pedic-to-redeem-975m-in-senior-debt-by-year%e2%80%99s-end\/"},"modified":"2013-11-29T13:23:30","modified_gmt":"2013-11-29T07:53:30","slug":"tempur-pedic-to-redeem-975m-in-senior-debt-by-years-end","status":"publish","type":"post","link":"https:\/\/indonesia-furniture.com\/articles\/tempur-pedic-to-redeem-975m-in-senior-debt-by-years-end\/","title":{"rendered":"Tempur-Pedic to redeem $97.5M in senior debt by year\u00e2\u20ac\u2122s end"},"content":{"rendered":"<p>Visco-elastic bedding maker says move will save over $2M in annual interest<br \/>\n                        <!--adsense--><br \/>\n\t\t <!--more--><br \/>\nLEXINGTON, Ky. \u00e2\u20ac\u201d Specialty bedding manufacturer Tempur-Pedic said it plans to redeem $97.5 million in senior debt this year, which is expected to save it more than $2 million in annual interest.<\/p>\n<p>The senior subordinated notes, due in 2017, carry an interest rate of 10.25% and will be redeemed by Dec. 29 at about an 8% premium over the principal amount, the company said.<\/p>\n<p> Tempur-Pedic will take a one-time charge in the current quarter of about $7 million after tax, including the $5 million redemption premium and a non-cash writeoff of about $2 million in unamortized debt issuance costs.<\/p>\n<p>H. Thomas Bryant, president and CEO, said that in addition to the interest savings, the transaction \u00e2\u20ac\u0153will eliminate the subordinated debt\u00e2\u20ac\u2122s restrictive provisions, which have been a limiting factor on corporate initiatives, including share repurchases.\u00e2\u20ac\u009d<\/p>\n<p>The visco-elastic bedding maker said it will finance the redemption mainly with borrowings under its U.S. revolving credit facility, which a senior lender group has agreed to expand by $70 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Visco-elastic bedding maker says move will save over $2M in annual interest<\/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-2759","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\/2759","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=2759"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2759\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=2759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=2759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=2759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}