---
schema_version: "secwatch.filing_event.v1"
accession: "0000048287-23-000116"
form_type: "8-K"
ticker: "HNI"
cik: "0000048287"
company_name: "HNI CORP"
filed_at: "2023-03-16T23:59:59+00:00"
generated_at: "2026-06-18T01:15:56.160577+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# HNI amends credit agreement to allow $160M borrowing for Kimball International merger

## Summary
- $160M of existing commitments made available for Kite Acquisition (Kimball International merger) subject to conditions.
- Leverage ratio covenant raised to max 3.75:1.00 (4.25:1.00 post-acquisition) with unrestricted cash deduction permitted.
- Capacity for additional loans under credit facility increased from $150M to $250M.
- EBITDA calculation adjusted after Senior Notes event to include cost savings and non-recurring charges up to $40M or 12.5%.
- Amendment defines Kite Borrowing, Term Loan Facility up to $280M, and bridge facility up to $440M.

## SEC filing metadata
- accession: 0000048287-23-000116
- form_type: 8-K
- ticker: HNI
- cik: 0000048287
- company_name: HNI CORP
- filed_at: 2023-03-16T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/48287/000004828723000116/0000048287-23-000116-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/48287/000004828723000116/hni-20230314.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000048287-23-000116
- JSON: https://secwatch.observer/filing/0000048287-23-000116.json
- Plain text: https://secwatch.observer/filing/0000048287-23-000116.txt

## Key facts
- Material Agreements
  HNI CORP amended First Amendment to Fourth Amended and Restated Credit Agreement with Wells Fargo Bank, National Association (effective 2023-03-14).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, National Association
  - Effective: 2023-03-14
  source text: On March 14, 2023, HNI Corporation (“HNI” or the “Company”) entered into the First Amendment to Fourth Amended and Restated Credit Agreement (the “First Amendment"), which amends the Fourth Amended & Restated Credit Agreement (the “Existing Credit Agreement”) among the Company, as borrower, certain domestic subsidiaries of the Company, as guarantors, certain lenders and Wells Fargo Bank, National Association, as administrative agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/48287/000004828723000116/0000048287-23-000116-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.