LEXINGTON, Ky - (PR Newswire) - Tempur-Pedic International Inc. announced today that the initial public offering of 18,750,000 shares of its common stock was priced at $14.00 per share, for a total offering of $262,500,000. Of the 18,750,000 shares being offered, the Company is selling 6,250,000 shares and 12,500,000 shares are being sold by certain of the Company's stockholders. The Company expects the shares to begin trading on the New York Stock Exchange under the symbol "TPX".
Tempur-Pedic International Inc. is a vertically-integrated manufacturer, marketer and distributor of premium mattresses and pillows made from its proprietary Tempur visco-elastic foam. Products are sold in 54 countries under the Tempur� and Tempur-Pedic� brands.
The net proceeds to be received by the Company will be approximately $81,812,500, before transaction costs. The Company expects to use the net proceeds to pay down debt, including approximately $52,500,000 aggregate principal amount of the 10-1/4 % Senior Subordinated Notes due 2010 issued by certain of the Company's subsidiaries. The Company will not receive any of the proceeds from the sale of shares of common stock by the selling stockholders. The underwriters also have an option to purchase up to an additional 2,812,500 shares from the selling stockholders.
Lehman Brothers Inc. and Goldman, Sachs & Co. are joint book-running managers on the offering. A copy of the prospectus relating to the offering may be obtained at www.sec.gov or from Lehman Brothers' prospectus department at 745 Seventh Avenue, New York, New York 10019, or by phone at (212) 526-7000, and from Goldman, Sachs & Co. at Prospectus Department, 85 Broad St., New York, NY 10004, or by phone at (212) 902-1171. UBS Investment Bank and Citigroup are co-managers of this offering along with CIBC World Markets and U.S. Bancorp Piper Jaffray.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission and was declared effective on December 17, 2003. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer or sale will be made only by means of the written prospectus forming a part of the effective registration statement.
Certain statements in this press release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used herein, the words "believes", "expects", "plans", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.