---
schema_version: "secwatch.filing_event.v1"
accession: "0000048287-23-000126"
form_type: "8-K"
ticker: "HNI"
cik: "0000048287"
company_name: "HNI CORP"
filed_at: "2023-04-04T23:59:59+00:00"
generated_at: "2026-06-17T06:41:35.280303+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# HNI secures $280M unsecured term loan to fund Kimball International acquisition

## Summary
- $280M unsecured delayed draw term loan facility; proceeds for Kimball International merger.
- Matures five years from funding; quarterly amortization escalates from 0% to 10% of principal.
- Interest at adjusted Term SOFR + 1.125%-1.875% or base rate + 0.125%-0.875%, based on leverage.
- Covenants require maximum leverage ratio and minimum interest coverage ratio.
- Ticking fee of 0.125%-0.250% on unused commitments; increases by 0.10% if merger extended.

## SEC filing metadata
- accession: 0000048287-23-000126
- form_type: 8-K
- ticker: HNI
- cik: 0000048287
- company_name: HNI CORP
- filed_at: 2023-04-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/48287/000004828723000126/0000048287-23-000126-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/48287/000004828723000126/hni-20230331.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000048287-23-000126
- JSON: https://secwatch.observer/filing/0000048287-23-000126.json
- Plain text: https://secwatch.observer/filing/0000048287-23-000126.txt

## Key facts
- Material Agreements
  HNI CORP entered into Term Loan Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, U.S. Bank National Association, as syndication agent, and Wells Fargo Bank, National Association and U.S. Bank National Association as joint lead arrangers and joint lead bookrunners valued at $280.0 million (effective 2023-03-31).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, National Association, as administrative agent, U.S. Bank National Association, as syndication agent, and Wells Fargo Bank, National Association and U.S. Bank National Association as joint lead arrangers and joint lead bookrunners
  - Value: $280.0 million
  - Effective: 2023-03-31
  source text: On March 31, 2023, HNI Corporation (the "Company") entered into a Term Loan Credit Agreement, by and among the Company, the lenders from time to time party thereto, Wells Fargo Bank, National Association, as administrative agent, U.S. Bank National Association, as syndication agent, and Wells Fargo Bank, National Association and U.S. Bank National Association as joint lead arrangers and joint lead bookrunners (the "Term Loan Credit Agreement").
  evidence_url: https://www.sec.gov/Archives/edgar/data/48287/000004828723000126/0000048287-23-000126-index.htm

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