- Amended Statement of Beneficial Ownership (SC 13D/A)
15 February 2012 - 5:17AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 1)*
Sealy Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
812139301
(CUSIP Number)
Stephen D. Lane
BART Partners, LLC
199 Fremont Street, Suite 2500
San Francisco, CA 94105-2261
(415) 284-8516
(Name, address and telephone number of Person
Authorized to Receive Notices and Communications)
February 7, 2012
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
This information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1834 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
SCHEDULE 13D
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CUSIP NO. 812139301 Page 2 of 6
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1. NAMEs OF REPORTING PERSONs
BART Partners, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS (See Instructions)*
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, United States
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7. SOLE VOTING POWER
6,959,910 shares of Common Stock
NUMBER OF ------------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY EACH ------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
6,959,910 shares of Common Stock
------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,959,910 shares of Common Stock
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.9%
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14. TYPE OF REPORTING PERSON
OO
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CUSIP NO. 812139301 Page 3 of 6
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Item 1. Security and Issuer
-------------------
This Schedule 13D relates to the Common Stock, par value of $0.01 per
share (the "Common Stock") of Sealy Corporation, a Delaware corporation
(the "Issuer"). The address of the principal executive offices of the
Issuer is:
Sealy Drive
One Office Parkway
Trinity, North Carolina 27370
Item 2. Identity and Background
-----------------------
This Schedule 13D is filed on behalf of BART Partners, LLC, a
limited liability company organized under the laws of the State of Delaware
("BART Partners" or "Reporting Person"). BART Partners' principal business is
that of investment management. The address of its principal office is:
199 Fremont Street
Suite 2500
San Francisco, CA 94105-2261
During the last five years, BART Partners has not (i) been
convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to
such laws.
Item 3. Source and Amount of Funds or Other Consideration
-------------------------------------------------
The securities of the Issuer as to which this schedule is filed were
acquired by BART Partners in the normal course of business. The source of
funds used for the purchase of the Issuer's securities was the working
capital of BART Partners.
Item 4. Purpose of Transaction
----------------------
The Reporting Person has acquired the Issuer's Common Stock for
investment purposes, and such purchases have been made in the Reporting
Person's ordinary course of business.
In pursuing such investment purposes, the Reporting Person may further
purchase, hold, vote, trade, dispose or otherwise deal in the Common Stock at
times, and in such manner, as they deem advisable to benefit from changes in
market prices of such Common Stock, changes in the Issuer's operations,
business strategy or prospects, or from sale or merger of the Issuer. To
evaluate such alternatives, the Reporting Person will routinely monitor the
Issuer's operations, prospects, business development, management, competitive
and strategic matters, capital structure, and prevailing market conditions,
as well as alternative investment opportunities, liquidity requirements of
the Reporting Person and other investment considerations. Consistent with
its investment research methods and evaluation criteria, the Reporting
Person may discuss such matters with management or directors of the Issuer,
other shareholders, industry analysts, existing or potential strategic
partners or competitors, investment and financing professionals, sources of
credit and other investors. Such factors and discussions may materially
affect, and result in, the Reporting Person's modifying their ownership of
Common Stock, exchanging information with the Issuer pursuant to appropriate
confidentiality or similar agreements, proposing changes in the Issuer's
operations, governance or capitalization, or in proposing one or more of the
other actions described in subsections (a) through (j) of Item 4 of Schedule
13D.
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CUSIP NO. 812139301 Page 4 of 6
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The Reporting Person reserves the right to formulate other plans and/or
make other proposals, and take such actions with respect to their investment
in the Issuer, including any or all of the actions set forth in paragraphs
(a) through (j) of Item 4 of Schedule 13D, or acquire additional Common Stock
or dispose of all the Common Stock owned by them, in the public
market or privately negotiated transactions. The Reporting Person may at
any time reconsider and change their plans or proposals relating to the
foregoing.
Item 5. Interest in Securities of the Issuer
------------------------------------
The ownership percentages set forth below are based on 100,916,228
shares of the Issuer's Common Stock outstanding as of January 10, 2012 as
set forth in the Annual Report on Form 10-K filed by the Issuer with the
Securities and Exchange Commission on January 18, 2012.
(a) As of February 13, 2012, BART Partners may be deemed to be the
beneficial owner of an aggregate number of 6,959,910 shares of the Issuer's
Common Stock.
(b) The Reporting Person has and will have the sole power to vote
and dispose of the shares of the Common Stock that it beneficially owns.
(c) During the 60 days preceding the date of this report, the
Reporting Person purchased the following shares of the Issuer's Common Stock
in the open market:
Reporting Person Trade Date Quantity Wtd Avg Price
---------------- ---------- --------- --------------
BART Partners, LLC 12/27/2011 40,000 $1.65
12/28/2011 35,000 $1.64
12/29/2011 30,000 $1.70
12/30/2011 35,000 $1.73
01/04/2012 50,000 $1.68
01/05/2012 4,500 $1.72
01/06/2012 50,000 $1.82
01/09/2012 100,000 $1.83
01/10/2012 25,631 $1.90
01/11/2012 80,000 $1.88
01/12/2012 105,000 $1.89
01/13/2012 100,000 $1.88
01/17/2012 50,000 $1.89
01/18/2012 100,000 $1.85
01/19/2012 100,000 $1.49
02/07/2012 334,670 $1.44
02/08/2012 49,800 $1.45
02/09/2012 46,712 $1.47
02/10/2012 400,000 $1.52
02/13/2012 325,000 $1.53
(d) Not Applicable
(e) Not Applicable
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CUSIP NO. 812139301 Page 5 of 6
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Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
-------------------------------------------------------------
BART Partners holds 860,729 of Issuer's 8% Senior Secured Third
Lien Convertible Notes due 2016 (the "Notes"). The Notes are convertible into
26,180,211 shares of Issuer's Common Stock. However, based on the
Prospectus Supplement of Sealy Corporation dated April 9, 2009 (the
"Prospectus"), BART Partners is required to provide 61 days' notice to the
Issuer in order to receive shares of Issuer's Common Stock upon conversion of
the Notes. According to the Prospectus, no holder of the Notes (other than
Kohlberg Kravis Roberts & Co. L.P., its affiliates and certain members of
management) will be permitted to receive shares upon conversion of the Notes
to the extent such conversion will result in such holder becoming a "beneficial
owner" under the securities laws by owning 5% or more of the shares of
Issuer's Common Stock. In addition, no holder of more than 5% of Issuer's
Common Stock at May 27, 2009 (other than Kohlberg Kravis Roberts & Co. L.P.,
its affiliates and certain members of management) may receive shares upon
conversion of the Notes to the extent such conversion will result in such
holder becoming a "beneficial owner," directly or indirectly, of more than an
additional 1% of the shares of Common Stock upon conversion of the Notes.
These limitations on beneficial ownership shall be terminated (i) upon 61 days'
notice to the Issuer by any holder of Notes, solely with respect to the Notes
beneficially owned by such holder, (ii) immediately upon delivery by the Issuer
of notice of its election to terminate conversion rights to the extent
permitted by the indenture governing the Notes, (iii) immediately upon delivery
by the Issuer of notice of a fundamental change or (iv) on June 15, 2016.
Except as described above, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the Reporting
Person or between such persons and any other person with respect to any
securities of the Issuer, including but not limited to the transfer or
voting of any securities of the Issuer, finder's fees, joint ventures,
loan or option arrangements, puts or calls, guarantees of profits, divisions
of profits or loss, or the giving or withholding of proxies.
Item 7. Material to Be Filed as Exhibits
--------------------------------
Not Applicable.
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CUSIP NO. 812139301 Page 6 of 6
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SIGNATURES
After reasonable inquiry and to the best of its knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: February 14, 2012
/s/ Stephen D. Lane
----------------------------------------
Chief Financial Officer
BART Partners, LLC
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