HNI signs $1.725B credit facility to fund Steelcase acquisition

HNI CORP

• Credit facility includes $425M revolver, $500M term loan A, and up to $800M term loan B.
• Proceeds to finance a portion of the Steelcase merger consideration, refinance existing debt, and pay fees.
• Revolver and TLA mature 5 years post-closing; TLB matures 7 years post-closing with quarterly amortization.
• Interest on TLA/revolver priced at SOFR + 1.25%-1.875% or base rate + 0.25%-0.875%.
• TLA requires quarterly amortization starting at 2.5% p.a. in year one, increasing to 10% in year five.