Short answer
Sleep Number Corp (SNBR) filed an 8-K current report with the SEC on April 28, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement), Item EX-99.1 (Exhibit EX-99.1). $25M term loan at one-month SOFR plus 8%, maturing June 30, 2026.
Sleep Number Corp 8-K event analysis
AI summary of each reported item and its exhibits
Item 1.01 · Entry into a Material Definitive Agreement
- $25M term loan at one-month SOFR plus 8%, maturing June 30, 2026
- $5M term-loan amortization due June 1, 2026, intensifying near-term liquidity pressure
- $447.2M revolving debt outstanding after a $2.7M draw, alongside the fully funded term loan
- Lenders’ forbearance on specified defaults conditional on milestones and termination events
- Strategic-transaction milestones and mandatory asset-sale proceeds prepayments signal urgent refinancing or sale efforts
Item EX-99.1 · Exhibit EX-99.1
- $55M incremental liquidity, including a $25M term loan, supports operations and turnaround initiatives
- New term loan priced at one-month SOFR plus 8%, maturing June 30, 2026
- $30M minimum-liquidity covenant waived until the first week ending after July 1, 2026
- Lender forbearance and strategic-transaction milestones signal near-term capital-structure pressure
- First-quarter 2026 results, covering through April 4, scheduled for May 12, 2026
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