11.10.2016 20:40:00
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Serta Simmons Bedding, LLC -- Moody's revises Serta Simmons' rating outlook to negative; B1 CFR affirmed; new term loans rated B1 and B3
New York, October 11, 2016 -- Moody's Investors Service revised the ratings outlook for Serta Simmons Bedding, LLC (Serta Simmons) to negative from stable due to the very high leverage resulting from the significant dividend recapitalization the company is pursuing. The B1 Corporate Family Rating is affirmed. Moody's also assigned a B1 rating to the company's new $1.9 billion 1st lien term loan and a B3 rating to a new $500 million 2nd lien term loan.