secwatch.observer — SEC 8-K summary
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Issuer:     HNI CORP (HNI)
CIK:        0000048287
Form:       8-K
Filed at:   2023-03-16T23:59:59+00:00
Accession:  0000048287-23-000116
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/48287/000004828723000116/0000048287-23-000116-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/48287/000004828723000116/hni-20230314.htm
  HTML page:      https://secwatch.observer/filing/0000048287-23-000116

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