HNI Corporation announced today the commencement of an exchange offer and consent solicitation for Steelcase’s 5.125% Notes due 2029, offering up to $450 million of new HNI notes to be issued in exchange for the existing Steelcase debt. The offer allows holders to swap their notes for new HNI notes with identical interest rates and maturities, and the new notes are guaranteed by HNI subsidiaries such as HNI Workplace Furnishings LLC and Kimball International Brands, Inc.
The exchange offer is contingent on the consummation of HNI’s acquisition of Steelcase, which is expected to close in the fourth quarter of 2025. The offer and consent solicitation will expire on October 27, 2025, and is part of the broader financing strategy to support the combined company’s capital structure.
By providing a mechanism for Steelcase note holders to convert their debt into HNI debt, the transaction offers liquidity to investors while aligning debt terms with the new entity and strengthening the balance sheet of the combined company.
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