On June 14, 2005, Sleep Country Canada Inc. completed a private placement of $40 million aggregate principal amount of 5.191% senior secured notes due 2010.  CIBC World Markets Inc. acted as the sole agent for the private placement. The proceeds of the note issuance were used, in part, to refinance Sleep Country's $35.6 million bank term loan due April 15, 2006.  In connection with the offering, Sleep Country amended its credit agreement with Canadian Imperial Bank of Commerce to increase the amount available under its revolving facility.

Sleep Country was represented by Davies Ward Phillips & Vineberg LLP, with a team that included Jay Swartz, Mindy Gilbert, Jennifer Grossklaus and Jennifer Pankratz