HNI Corporation Secures New Credit Agreement with Major Banks for $1.725 Billion to Fund Merger with Steelcase Inc
HNI Corporation has secured a new Credit Agreement with major banks totaling $1.725 billion to fund its merger with Steelcase Inc. The agreement includes a $425 million revolving credit facility, a $500 million term loan A, and an $800 million term loan B. The financing will cover acquisition costs, debt repayment, and related fees, with commitments contingent on the merger's progress. This announcement was made on September 5, 2025.
HNI Corporation has entered into a new Credit Agreement as of September 5, 2025, involving a consortium of lenders including Wells Fargo Bank, JPMorgan Chase Bank, U.S. Bank National Association, Truist Bank, and TD Bank, among others. The agreement establishes a senior secured revolving credit facility worth $425 million, a “term loan A” facility up to $500 million, and a “term loan B” facility expected to reach $800 million by the closing date. The financing is intended to support HNI Corporation’s proposed merger with Steelcase Inc., encompassing payment for the acquisition, repayment of existing debt, and associated fees. The agreement stipulates that the facilities’ commitments will terminate on specified dates, contingent on the merger’s progression. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. HNI Corporation published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0000950103-25-011326), on September 05, 2025, and is solely responsible for the information contained therein. © Copyright 2025 - Public Technologies (PUBT) Original Document: here
