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- Covenant Violation (new) — Lenders are forbearing from exercising remedies related to existing defaults under the credit agreement.
Sleep Number enters forbearance on loan defaults, adds $25M emergency loan, must pursue sale
Filed April 28, 2026 · Period ending April 27, 2026 · ~1 min read
Key Changes
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Company in default on credit agreement; lenders agreed to temporarily forbear from exercising remedies while Sleep Number pursues a strategic transaction (likely sale) to repay debt in full
Item 1.01 verify on EDGAR → -
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Added $25M term loan at SOFR+8% interest (very high rate), maturing June 30, 2026—just two months away—with $5M payment due June 1; immediately drew full amount plus $2.7M more from revolver
Item 1.01 verify on EDGAR → -
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Total revolving debt now $447.2M; all future proceeds from asset sales, equity raises, or new debt must go to loan repayment, severely restricting financial flexibility
Item 1.01 verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 2, 2026 · How we verify