Sealy Corp. Announces Preliminary Results of Rights Offering
July 7, 2009
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Bedding major Sealy Corp. (NYSE: ZZ) has announced the preliminary results of its rights offering, which expired Thursday, July 2.
The company's subscription agent said rights were exercised for about $173 million aggregate principal amount of 8 percent senior secured third lien convertible notes due 2016, which includes about $89.7 million by Sealy Holding LLC, Sealy's majority shareholder, and about $21.1 million pursuant to guaranteed delivery procedures.
Sealy has also been informed by the subscription agent that about $136.5 million of the notes were requested pursuant to the exercise of rightsholders' oversubscription privilege, which includes about $89.7 million by Sealy Holding LLC and about $17.1 million pursuant to guaranteed delivery procedures. The about $4.1 million aggregate principal amount of notes available pursuant to the oversubscriptions will be allocated among those who exercised the oversubscription privilege in accordance with the proration procedures described in the prospectus supplement for the rights offering for a total issuance by the company of $177,132,000 aggregate principal amount of Notes. The final results and allocation will be announced shortly after they are determined, which is expected to occur Thursday, July 9. The closing of the rights offering and issuance of the notes is expected to occur Friday, July 10.
Citigroup Global Markets Inc. is the dealer manager for the rights offering. Additional information regarding the rights offering may be obtained from the Sealy's information agent, National City Bank, c/o The Colbent Corp., 161 Bay State Drive, Braintree, Mass. 02184, (800) 622-6757.
The company's subscription agent said rights were exercised for about $173 million aggregate principal amount of 8 percent senior secured third lien convertible notes due 2016, which includes about $89.7 million by Sealy Holding LLC, Sealy's majority shareholder, and about $21.1 million pursuant to guaranteed delivery procedures.
Sealy has also been informed by the subscription agent that about $136.5 million of the notes were requested pursuant to the exercise of rightsholders' oversubscription privilege, which includes about $89.7 million by Sealy Holding LLC and about $17.1 million pursuant to guaranteed delivery procedures. The about $4.1 million aggregate principal amount of notes available pursuant to the oversubscriptions will be allocated among those who exercised the oversubscription privilege in accordance with the proration procedures described in the prospectus supplement for the rights offering for a total issuance by the company of $177,132,000 aggregate principal amount of Notes. The final results and allocation will be announced shortly after they are determined, which is expected to occur Thursday, July 9. The closing of the rights offering and issuance of the notes is expected to occur Friday, July 10.
Citigroup Global Markets Inc. is the dealer manager for the rights offering. Additional information regarding the rights offering may be obtained from the Sealy's information agent, National City Bank, c/o The Colbent Corp., 161 Bay State Drive, Braintree, Mass. 02184, (800) 622-6757.
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