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Recovery Report: HMK Mattress Holdings LLC (?Sleepy?s?) Recovery Rating Profile Mar 12 Product Image

Recovery Report: HMK Mattress Holdings LLC (?Sleepy?s?) Recovery Rating Profile Mar 12

  • ID: 2082525
  • March 2012
  • Standard & Poors

FEATURED COMPANIES

  • HMK Mattress Holdings LLC
  • MORE

Abstract
Sleepy's Holdings LLC is adding a new $170 million senior secured term loan, to be issued by its newly-formed indirect subsidiary, HMK Intermediate Holdings LLC, partly to fund a distribution to existing shareholders and refinance existing indebtedness. Calera Capital is simultaneously acquiring a significant minority interest by purchasing $156 million of preferred equity of a newly-formed holding company, HMK Mattress Holdings LLC (Sleepy's). Standard & Poor's Ratings Services has assigned preliminary recovery and issue-level ratings to the proposed $170 million term loan. We simulate a default occurring in 2014 due to a protracted decline in the economy that leads to lower consumer spending on mattresses and other bedding products. Sleepy's debt structure consists of: A $30 million asset-backed revolving lending...

Companies mentioned in this report are: HMK Mattress Holdings LLC

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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HMK Mattress Holdings LLC

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