Sleep Number Secures Amended Credit Agreement Extension Through 2027
Reuters
Nov 10
Sleep Number Secures Amended Credit Agreement Extension Through 2027
Sleep Number Corporation has secured an amendment and extension to its existing credit agreement, now set to run through 2027. The updated agreement, detailed in the Twelfth Amendment to the Amended and Restated Credit and Security Agreement, was filed with the company's Form 10-Q on November 5, 2025. Key changes include expanded addbacks to the definition of Consolidated EBITDA, allowing for pro forma adjustments related to cost-saving measures that have been implemented but not yet fully realized. These changes are designed to provide the company with greater financial flexibility as it executes its turnaround plan. Sleep Number expects these amendments to support covenant compliance, with projected full-year 2025 Consolidated EBITDA of approximately $110 million, driven by around $40 million in structural cost changes. The company believes these steps demonstrate lender confidence in its strategy and will aid in restarting growth and generating free cash flow in 2026.
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