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HNI Corporation Announces Extension of Exchange Offer
MUSCATINE, Iowa, Oct. 27, 2025 (GLOBE NEWSWIRE) -- HNI Corporation (NYSE: HNI; “HNI” or “the Corporation”) announced a definitive agreement to acquire Steelcase, Inc. (NYSE: SCS; “Steelcase”) in a cash and stock transaction (the “Acquisition”). In connection with the Acquisition, HNI previously announced the commencement of an offer to exchange any and all outstanding 5.125% Notes due 2029 (the “Existing Steelcase Notes”), as issued by Steelcase, for up to $450,000,000 aggregate principal amount
About this update from Hni Corporation
[{"type":"text","content":"MUSCATINE, Iowa, Oct. 27, 2025 (GLOBE NEWSWIRE) -- HNI Corporation (NYSE: HNI; “HNI” or “the Corporation”) announced a definitive agreement to acquire Steelcase, Inc. (NYSE: SCS; “Steelcase”) in a cash and stock transaction (the “Acquisition”). In connection with the Acquisition, HNI previously announced the commencement of an offer to exchange any and all outstanding 5.125% Notes due 2029 (the “Existing Steelcase Notes”), as issued by Steelcase, for up to $450,000,000 aggregate principal amount of new notes to be issued by HNI (the “New HNI Notes”).","length":556,"tagName":"p"},{"type":"text","content":"HNI today announced that it has extended the expiration date of its previously announced (A) offer to exchange (the “Exchange Offer”) any and all outstanding Existing Steelcase Notes for New HNI Notes and (B) related solicitation of consents (the “Consent Solicitation”) from the Eligible Holders of the Existing Steelcase Notes to, among other things, eliminate certain covenants and restrictive provisions from the Steelcase indenture dated August 7, 2006, governing the Existing Steelcase Notes (as amended and supplemented, the “Existing Steelcase Indenture”) and the Existing Steelcase Notes (the “Proposed Amendments”) from 5:00 p.m., New York City time, on October 27, 2025, to 5:00 p.m., New York City time, on December 5, 2025, unless further extended (the “Expiration Date”).","length":785,"tagName":"p"},{"type":"text","content":"On the early tender date and consent revocation deadline of October 9, 2025, HNI received consents sufficient to amend the Existing Steelcase Indenture to effectuate the Proposed Amendments. The supplemental indenture to the Existing Steelcase Indenture was executed on October 9, 2025 in order to effect the Proposed Amendments (the “Existing Steelcase Notes Supplemental Indenture”). The Existing Steelcase Notes Supplemental Indenture will become operative only upon the settlement date for the Exchange Offer and the Consent Solicitation, which is expected to be within five business days after the Expiration Date (the “Settlement Date”).","length":643,"tagName":"p"},{"type":"text","content":"The Exchange Offer and Consent Solicitation is subject to the satisfaction of certain conditions, including among other things, the consummation of the Acquisition. The parties’ obligations to complete the Acquisition ...