Global mattress giant Tempur Sealy has announced the completion of its long term debt transaction, enabling the business to refinance its senior notes due 2020.

The company has completed its previously announced offering of $600m aggregate principal amount of 5.5% senior notes due 2026.

Tempur Sealy also announced that it has called for redemption all $375m aggregate principal amount of its 6.875% senior notes due 2020.

Scott L. Thompson, chairman, and chief executive officer said: “We’re delighted with this long term debt transaction. It allows us to refinance our senior notes due 2020 with new ten-year debt that carries a lower fixed interest rate while providing the Company greater covenant flexibility. This debt transaction is consistent with our leverage target outlined last year.”