HNI Exchange Offer for 5.125% Senior Secured Notes Due 2029

Davis Polk advised HNI Corporation in connection with its Rule 144A/Regulation S exchange offer to exchange $351 million of 5.125% senior notes due 2029 issued by Steelcase Inc. for HNI Corporation’s new 5.125% senior secured notes due 2029, a transaction executed as part of HNI’s acquisition of Steelcase. The exchange offer, conducted pursuant to Rule 144A and Regulation S, provided for the exchange of $351 million in principal amount of 5.125% senior notes due 2029 issued by Steelcase Inc. for newly issued 5.125% senior secured notes due 2029 of HNI Corporation. The transaction was implemented as an element of HNI’s acquisition of Steelcase. Based in Iowa, HNI Corporation has for more than 75 years manufactured products for where people live, work and gather. HNI operates under two segments: Workplace Furnishings, a leading global designer and provider of commercial furnishings marketed under multiple brands; and Residential Building Products, the nation’s leading manufacturer and marketer of hearth products, including gas, electric, wood and pellet-burning fireplaces, inserts, stoves, facings and accessories. Davis Polk represented HNI Corporation with a team composed by: Capital markets — partner Hillary A. Coleman and associates Matt Weaver, Cheridan Christnacht and Jean (Jean Young) Koo. Tax — partner William A. Curran and associate Kelli A. Rivers. Finance — partner Christopher Nairn-Kim and associates Pablo Solórzano Cervantes, Emily (Yuhong) Su and Nyla Rawjee. Members of the Davis Polk team were based in the New York, London and São Paulo offices.

HNI Exchange Offer for 5.125% Senior Secured Notes Due 2029

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