HNI Senior Secured Notes Exchange Offer Related to Steelcase Acquisition

Davis Polk advised HNI Corporation in connection with its Rule 144A and Regulation S exchange offer. The transaction involved HNI Corporation offering to exchange $351 million of 5.125% senior notes due 2029 issued by Steelcase Inc. for HNI’s newly issued 5.125% senior secured notes due 2029. The exchange was carried out as part of HNI’s acquisition of Steelcase. Based in Iowa, HNI Corporation has for more than 75 years manufactured workplace furnishings and residential building products through two segments. The Workplace Furnishings segment is a global designer and provider of commercial furnishings operating under multiple brands. The Residential Building Products segment is 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 client HNI Corporation with a team composed by: partner Hillary A. Coleman and associates Matt Weaver, Cheridan Christnacht and Jean (Jean Young) Koo (capital markets); partner William A. Curran and associate Kelli A. Rivers (tax); and partner Christopher Nairn-Kim and associates Pablo Solórzano Cervantes, Emily (Yuhong) Su and Nyla Rawjee (finance). Members of the Davis Polk team are based in the New York, London and São Paulo offices.

HNI Senior Secured Notes Exchange Offer Related to Steelcase Acquisition

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