Sleep Number Shares Rise After Company Amends Credit Agreement

Dow Jones04-28

By Chris Wack

Sleep Number shares were 28% higher, at $2.83, after the company said it has reached an agreement with its lenders that provides an additional $55 million of liquidity, including a $25 million term loan, and relief on certain financial and liquidity covenants.

The sleep-product company said the agreement enables it to continue to execute its turnaround plan, including its product and marketing initiatives, while still evaluating strategic business and financing opportunities to deliver the best value.

The agreement includes a new $25 million term loan that accrues interest at a rate per annum equal to one-month term SOFR plus 8% and matures June 30. The agreement also provides certain covenant relief, including a waiver of the $30 million minimum liquidity covenant until the first week ending after July 1, and forbearance by existing lenders from exercising rights and remedies with respect to other financial covenants.

Earlier this year, Sleep Number introduced a product reset, and rolled out new marketing creative, including its first major integrated campaign in several years.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

April 28, 2026 09:55 ET (13:55 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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