Select Comfort Corporation has announced it has entered
into a new credit agreement with Wells Fargo Bank, NA. The credit
agreement, which has a term through June 2012 and provides a commitment
of up to $20 million, replaces an existing credit facility with a
syndicate of banks.
âOur sustained improvement in sales and profit performance â along with
increased cash generation, a stronger balance sheet and our positive
cash position â have provided us the opportunity to replace our existing
facility,â said Jim Raabe, chief financial officer, Select Comfort
Corporation. âThe new facility significantly lowers the companyâs
borrowing costs and fees and provides more financial flexibility as
compared to the existing agreement.â
Additional details of the credit agreement are outlined in the companyâs
Current Report on Form 8-K, which will be filed with the Securities and
Exchange Commission (SEC).
The company also announced it plans to release first quarter results
April 21, 2010.
About Select Comfort Corporation
Founded more than 20 years ago and based in Minneapolis, Select Comfort
Corporation designs, manufactures, markets and supports a line of
adjustable-firmness mattresses featuring air-chamber technology, branded
the Sleep NumberÂ® bed, as well as foundations and bedding accessories.
SELECT COMFORTÂ® products are sold through its approximately 400
company-owned stores located across the United States; select bedding
retailers; direct marketing operations; and online at www.sleepnumber.com.