secwatch.observer — SEC 8-K summary
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Issuer:     HNI CORP (HNI)
CIK:        0000048287
Form:       8-K
Filed at:   2023-04-04T23:59:59+00:00
Accession:  0000048287-23-000126
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/48287/000004828723000126/0000048287-23-000126-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/48287/000004828723000126/hni-20230331.htm
  HTML page:      https://secwatch.observer/filing/0000048287-23-000126

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