HNI launches $450M exchange offer for Steelcase notes; deal targeted for Q4 2025 close

HNI CORP

Exchange offer for up to $450M principal of 5.125% Steelcase Notes due 2029 for new HNI secured notes with identical rate and maturity.
Consent solicitation to eliminate certain covenants in Steelcase indenture; $2.50 cash payment per $1,000 for tendering holders.
Early tender payment of $30 per $1,000 plus consent payment for holders tendering by Oct. 9, 2025; total consideration $1,000 principal plus $2.50 cash.
Exchange offer and solicitation conditioned on completion of HNI's acquisition of Steelcase, announced Aug. 4, 2025; combined pro forma net sales ~$5.7B.

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