TORONTO (S&P Global Ratings) May 1, 2025--S&P Global Ratings revised its recovery rating on Canada-based Sleep Country Canada Holdings Inc.?s C$600 million senior unsecured notes to ?4? from ?3?. The ?4? recovery rating reflects average (rounded estimate: 45%) recovery in event of default. Our 'BB-' issue-level rating on the company's unsecured debt is unchanged. Sleep Country plans to acquire U.K.-based online mattress retailer Simba Sleep Ltd. for C$115 million. The company plans to fund this acquisition by issuing an additional C$150 million in senior unsecured notes. Concurrently, the company also plans to expand its secured revolving credit facility to C$400 million from a combined approximately C$300 million revolver and term loan, as of year-end December 2024. As a result of
