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Serta Simmons sets Thursday bank meeting for $2.63 billion facility
By Paul A. Harris
Portland, Ore., Oct. 4 – Serta Simmons plans to launch a $2,625,000,000 credit facility at a bank meeting set to get underway at 10:30 a.m. ET on Thursday in New York, according to a market source.
The deal, via arranger UBS Investment Bank, includes a $225 million ABL, a $1.9 billion first lien term loan, and a $500 million second lien term loan.
The Atlanta-based mattress manufacturer plans to use the proceeds to refinance debt and fund a dividend to Advent International.
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