Loan & DebtApr 28, 2026, 08:08 AM
SNBR Secures $55M Liquidity, $25M Term Loan, Covenant Relief
AI Summary
Sleep Number Corp (SNBR) announced an amendment to its credit agreement, securing an additional $55 million in liquidity, including a new $25 million term loan. This agreement provides relief on certain financial and liquidity covenants, waiving the $30 million minimum liquidity covenant until after July 1, 2026. The company is focused on executing its turnaround plan, including new product launches and marketing campaigns, while evaluating strategic business and financing opportunities. SNBR also confirmed that its Q1 2026 performance is on track with expectations, with results to be released on May 12, 2026.
Key Highlights
- SNBR secured an amendment to its credit agreement.
- Agreement provides an additional $55 million in liquidity.
- Includes a new $25 million term loan maturing June 30, 2026.
- Lenders granted relief on certain financial and liquidity covenants.
- Waiver of $30 million minimum liquidity covenant until after July 1, 2026.
- Term loan accrues interest at one-month term SOFR plus 8%.
- Q1 2026 performance is in line with company expectations.
- Q1 2026 results to be announced on May 12, 2026.