Steinhoff’s US business secures $225m loan despite parent’s woes
Steinhoff International’s US subsidiary, Mattress Firm, managed to secure up to $225m in credit despite the woes of its parent.Mattress Firm issued a statement at about 11.20pm on Friday night saying it had secured an initial $75m "senior secured asset-based revolving credit facility" which could be extended up to $225m.Barclays acted as administrative agent, sole book runner and sole lead arranger of the facility, Mattress Firm said.Steinhoff bought Mattress Firm for $2.4bn in 2016, less than a year after Mattress Firm itself bought the owner of Sleepy’s retail stores for $780m, the Wall Street Journal reported."This new credit facility provides independent liquidity and capital to support our strategy, and demonstrates the strength of our business, the value of our assets and the quality of our brands," Mattress Firm CEO Ken Murphy said in the statement. "Over the past year we have made multiple strategic investments that position us to build on our long-term vision to become the ...
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