HNI Completes $2.2 Billion Acquisition of Steelcase

Simpson Thacher represented JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC in connection with financing and capital markets transactions supporting HNI Corporation’s acquisition of Steelcase Inc. HNI has completed a $2.2 billion acquisition of Steelcase. The financing for the transaction comprises $1.275 billion of new senior secured credit facilities, consisting of a $350 million term loan A facility, a $500 million term loan B facility and a $425 million revolving credit facility. Concurrently, Simpson Thacher represented J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as dealer managers, in a related exchange offer under which any and all outstanding 5.125% Senior Notes due 2029 issued by Steelcase were exchanged for new 5.125% Senior Secured Notes due 2029 issued by HNI. HNI, which has been operating for more than 75 years, is a manufacturer of workplace furnishings and residential building products. Its Workplace Furnishings segment is a leading global designer and provider of commercial furnishings marketed under multiple brands. Its Residential Building Products segment is the nation’s leading manufacturer and marketer of hearth products, including a full array of gas, electric, wood and pellet-burning fireplaces, inserts, stoves, facings and accessories. Simpson Thacher represented JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC with a team composed by: Dan Kay, Robert Meyer, Sophie Skinner, Colin Manchester and Emma Li (Credit); David Azarkh, Evan Zuckerman, Kelly Johnson and Sharon Foster (Capital Markets); Michael Mann (Tax); Jon Pall (Collateral); Courtney Welshimer, Matthew Richardson and Paige Brinton (Intellectual Property); and Jeanne M. Annarumma (Executive Compensation and Employee Benefits).

HNI Completes $2.2 Billion Acquisition of Steelcase

Read the full story

Cookie Preferences

Strictly Necessary

Analytics & Statistics

Marketing & Ads