HNI enters $1.725 billion credit agreement to fund Steelcase acquisition
HNI signed a credit agreement on September 5, 2025 with Wells Fargo as administrative agent, providing up to $1.725 billion across a revolver, a term loan A and a term loan B. The loans may be used to fund part of the purchase price for Steelcase under the merger agreement dated August 3, 2025, and to repay existing debt. The debt adds significant borrowing to HNI's balance sheet, and the filing ties it to the pending acquisition of Steelcase.
Key points
- Revolving facility of $425 million, term loan A of up to $500 million, and term loan B expected to be up to $800 million at closing
- Proceeds may fund part of the Steelcase acquisition consideration and repay existing debt of HNI and Steelcase
- Term loan A amortizes quarterly, and the revolver and term loan A mature on the fifth anniversary of closing; term loan B matures on the seventh anniversary
- Interest is tied to SOFR or an alternate base rate plus margins based on net leverage; the agreement includes maximum net leverage and minimum interest coverage covenants
The filing
Written by AI on Nov 8, 2026, 7:03 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 05, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.