Sleep Number Secures New Credit Facility
Ticker: SNBR · Form: 8-K · Filed: 2024-05-21T00:00:00.000Z
Sentiment: neutral
Topics: financing, debt, credit-facility
Related Tickers: SNBR
TL;DR
SNBR just inked a new $400M credit deal with lenders, maturing in 2029. Looks like they're shoring up cash.
AI Summary
Sleep Number Corp. announced on May 21, 2024, that it has entered into a new credit agreement with its lenders. This agreement includes a $300 million revolving credit facility and a $100 million term loan, maturing on May 21, 2029. The company also reported that it has entered into a new lease agreement for its corporate headquarters.
Why It Matters
This new credit agreement provides Sleep Number with enhanced financial flexibility and liquidity, which is crucial for its ongoing operations and strategic initiatives.
Risk Assessment
Risk Level: medium — The company is undertaking significant financing activities, which can introduce financial risks if not managed effectively.
Key Numbers
- $300M — Revolving Credit Facility (Provides liquidity for operations)
- $100M — Term Loan (Additional financing source)
- 2029 — Maturity Date (Extended financial runway)
Key Players & Entities
- Sleep Number Corp. (company) — Registrant
- $300 million (dollar_amount) — Revolving credit facility amount
- $100 million (dollar_amount) — Term loan amount
- May 21, 2029 (date) — Maturity date of credit facilities
- May 21, 2024 (date) — Date of credit agreement
FAQ
What is the total amount of the new credit facilities secured by Sleep Number Corp.?
Sleep Number Corp. secured a $300 million revolving credit facility and a $100 million term loan, totaling $400 million.
When do the new credit facilities mature?
The new credit facilities mature on May 21, 2029.
What is the purpose of the new credit agreement?
The filing indicates the new credit agreement provides Sleep Number Corp. with financial flexibility and liquidity.
Has Sleep Number Corp. entered into any new lease agreements?
Yes, the company has entered into a new lease agreement for its corporate headquarters.
What was Sleep Number Corp.'s former company name?
Sleep Number Corp.'s former company name was Select Comfort Corp.
Filing Stats: 839 words · 3 min read · ~3 pages · Grade level 12.2 · Accepted 2024-05-21 16:08:41
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share SNBR Nasdaq Global Select Mar
Filing Documents
- snbr-20240521.htm (8-K) — 48KB
- exhibit101.htm (EX-10.1) — 5KB
- snbr-20240521_g1.jpg (GRAPHIC) — 12KB
- 0000827187-24-000043.txt ( ) — 196KB
- snbr-20240521.xsd (EX-101.SCH) — 2KB
- snbr-20240521_lab.xml (EX-101.LAB) — 21KB
- snbr-20240521_pre.xml (EX-101.PRE) — 12KB
- snbr-20240521_htm.xml (XML) — 3KB
07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS At the Company's Annual Meeting of Shareholders held on May 21, 2024, 18,412,666 shares of common stock (constituting 82.47% of the outstanding shares), were represented in person or by proxy. The final results of the shareholder votes regarding each proposal are set forth in the following tables: Proposal 1. Election of Directors Stephen L. Gulis, Jr., Brenda J. Lauderback, Stephen E. Macadam and Hilary A. Schneider, were each elected by shareholders for three-year terms expiring at the 2027 Annual Meeting of Shareholders, or until their successors are elected and qualified, in accordance with the following voting results: Nominees For Withheld Broker Non-Votes Stephen L. Gulis, Jr. 12,861,162 1,855,001 3,696,503 Brenda J. Lauderback 13,112,677 1,603,486 3,696,503 Stephen E. Macadam 14,256,925 459,238 3,696,503 Hilary A. Schneider 14,191,303 524,860 3,696,503 Proposal 2. Ratification of Appointment of Independent Registered Public Accounting Firm The proposal to ratify, on an advisory basis, the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the 2024 fiscal year ending December 28, 2024 was approved by shareholders in accordance with the following voting results: For Against Abstain Broker Non-Votes 17,314,467 72,786 1,025,413 --- Proposal 3. Advisory Vote on Executive Compensation The proposal to approve, on an advisory basis, the compensation of the Company's named executive officers as outlined in the Company's proxy statement was approved by shareholders in accordance with the following voting results: For Against Abstain Broker Non-Votes 11,909,529 2,486,649 319,985 3,696,503 Proposal 4. Amendment No. 1 to the Sleep Number Corporation 2020 Equity Incentive Plan The proposal to approve an amendment to the Sleep Number Corporation 2020 Equity Incentive Plan was approved by shareholders in accordance with the f
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit No. Description of Exhibit 10.1 Amendment No. 1 to the Sleep Number Corporation 2020 Equity Incentive Plan 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SLEEP NUMBER CORPORATION (Registrant) Dated: May 21, 2024 By: /s/ Samuel R. Hellfeld Name: Samuel R. Hellfeld Title: Executive Vice President, Chief Legal and Risk Officer