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HNI Corporation (NYSE: HNI) has launched an exchange offer and consent solicitation in connection with its previously announced acquisition of Steelcase (NYSE: SCS). The exchange offer allows eligible holders to swap Steelcase’s existing 5.125% Notes due 2029 for new HNI notes worth up to $450 million.
The combined company will have pro forma net sales of approximately $5.7 billion based on 2024 figures. For each $1,000 of existing notes tendered by the Early Tender Date (October 9, 2025), eligible holders can receive $1,000 in new HNI notes plus a $2.50 cash consent payment. The exchange offer expires on October 27, 2025.
The acquisition is expected to close in Q4 2025, subject to shareholder approvals and antitrust clearances. The new HNI notes will be guaranteed by several subsidiaries and secured by first-lien basis on substantially all tangible and intangible assets.
HNI Corporation (NYSE: HNI) ha lanciato un’offerta di scambio e una sollecitazione al consenso in relazione all’acquisizione già annunciata di Steelcase (NYSE: SCS). L’offerta di scambio permette ai detentori idonei di scambiare i Titoli 5,125% 2029 di Steelcase con nuove obbligazioni HNI di valore fino a $450 milioni.
La società combinata avrà vendite nette pro forma di circa $5,7 miliardi basate sui dati del 2024. Per ogni $1.000 di obbligazioni esistenti presentate entro la Early Tender Date (9 ottobre 2025), i detentori idonei possono ricevere $1.000 in nuove obbligazioni HNI più un pagamento in contanti di consenso di $2,50. L’offerta di scambio scade il 27 ottobre 2025.
L’acquisizione è prevista per chiudersi nel Q4 2025, soggetta all’approvazione degli azionisti e alle autorizzazioni antitrust. Le nuove obbligazioni HNI saranno garantite da diverse controllate e garantite da un privilegio di First-Lien su una gran parte di beni materiali e immateriali.
HNI Corporation (NYSE: HNI) ha lanzado una oferta de intercambio y una solicitud de consentimiento en relación con la adquisición previamente anunciada de Steelcase (NYSE: SCS). La oferta de intercambio permite a los tenedores elegibles canjear las Notas 5,125% de Steelcase con vencimiento en 2029 por nuevas notas de HNI por un valor de hasta $450 millones.
La empresa resultante tendrá ventas netas pro forma de aproximadamente $5.7 mil millones según las cifras de 2024. Por cada $1,000 de notas existentes canjeadas antes de la Early Tender Date (9 de octubre de 2025), los tenedores elegibles pueden recibir $1,000 en nuevas notas de HNI más un pago en efectivo de consentimiento de $2.50. La oferta de intercambio expira el 27 de octubre de 2025.
Se espera que la adquisición se cierre en el Q4 de 2025, sujeta a aprobaciones de accionistas y autorizaciones antimonopolio. Las nuevas notas de HNI serán garantizadas por varias filiales y aseguradas por un gravamen de primera prioridad sobre la mayor parte de activos tangibles e intangibles.
HNI Corporation (NYSE: HNI) 은 Steelcase (NYSE: SCS)의 앞서 발표된 인수와 관련하여 교환 제안 및 동의 요청을 시작했습니다. 교환 제안은 eligible 보유자들이 Steelcase의 2029년 만기 5.125% 채권을 최대 $450백만의 가치의 새로운 HNI 채권으로 교환할 수 있도록 합니다.
합병된 회사의 pro forma 순매출은 2024년 수치를 기준으로 약 $5.7십억입니다. Early Tender Date(2025년 10월 9일) 이전에 교환하면 각 $1,000의 기존 채권에 대해 $1,000의 새로운 HNI 채권과 $2.50의 현금 동의금이 지급됩니다. 교환 제안의 만료일은 2025년 10월 27일입니다.
인수는 2025년 4분기에 마감될 것으로 예상되며 주주 승인 및 반독점 승인이 필요합니다. 새 HNI 채권은 여러 계열사에 의해 보장되며 실질 자산의 1순위 담보로 확보됩니다.
HNI Corporation (NYSE: HNI) a lancé une offre d’échange et une sollicitation de consentement dans le cadre de l’acquisition annoncée de Steelcase (NYSE: SCS). L’offre d’échange permet aux détenteurs éligibles d’échanger les obligations 5,125% 2029 de Steelcase contre de nouvelles obligations HNI d’une valeur allant jusqu’à $450 millions.
La société combinée affichera des ventes nettes pro forma d’environ $5,7 milliards sur la base des chiffres 2024. Pour chaque $1,000 d’obligations existantes remises avant la Early Tender Date (9 octobre 2025), les détenteurs éligibles peuvent recevoir $1,000 en nouvelles obligations HNI plus un paiement en espèces de consentement de $2,50. L’offre d’échange se termine le 27 octobre 2025.
L’acquisition devrait être clôturée au Q4 2025, sous réserve des approbations des actionnaires et des autorisations antitrust. Les nouvelles obligations HNI seront garanties par plusieurs filiales et sécurisées par un droit de premier rang sur la quasi-totalité des actifs tangibles et intangibles.
HNI Corporation (NYSE: HNI) hat ein Austauschangebot und eine Zustimmungseinholung im Zusammenhang mit der zuvor angekündigten Übernahme von Steelcase (NYSE: SCS) gestartet. Das Austauschangebot ermöglicht berechtigten Inhabern, Steelcase’s bestehende 5,125%-Anleihen mit Fälligkeit 2029 gegen neue HNI-Anleihen im Wert von bis zu $450 Millionen zu tauschen.
Das fusionierte Unternehmen wird basierend auf den 2024er Zahlen einen pro forma Nettoumsatz von rund $5,7 Milliarden erzielen. Für je $1.000 an bestehende Anleihen, die vor dem Early Tender Date (9. Oktober 2025) eingebracht werden, erhalten berechtigte Inhaber $1.000 in neuen HNI-Anleihen zuzüglich einer Bar-Zustimmungszahlung von $2,50. Das Austauschangebot läuft bis zum 27. Oktober 2025.
Der Abschluss der Übernahme wird voraussichtlich im 4. Quartal 2025 erfolgen, vorbehaltlich der Zustimmung der Aktionäre und kartellrechtlicher Freigaben. Die neuen HNI-Anleihen werden von mehreren Tochtergesellschaften garantiert und durch ein First-Lien-Grundpfandrecht auf nahezu alle materielle und immaterielle Vermögenswerte besichert.
HNI Corporation (NYSE: HNI) أطلقت عرض تبادل واستطلاع موافقة فيما يتعلق بالاستحواذ الذي أعْلن عنه سابقاً على Steelcase (NYSE: SCS). يتيح عرض التبادل للمساهمين المستحقين تبادل سندات Steelcase الحالية ذات الفائدة 5.125% المستحقة في 2029 مقابل سندات جديدة من HNI بقيمة تصل إلى $450 مليون.
ستكون الشركة المجمعة بإيرادات صافية تقريبية بمقدار $5.7 مليار بناءً على أرقام 2024. مقابل كل مبلغ $1,000 من السندات القائمة المعروضة حتى تاريخ العطاء المبكر (9 أكتوبر 2025)، يمكن للمساهمين المؤهلين استلام $1,000 في سندات HNI جديدة بالإضافة إلى دفعة موافقة نقداً قدرها $2.50. ينتهي عرض التبادل في 27 أكتوبر 2025.
من المتوقع أن يغلق الاستحواذ في الربع الرابع من 2025، رهناً بموافقات المساهمين والتصاريح المضادة للاحتكار. وتكون السندات الجديدة من HNI مضمونة من قبل عدة فروع ومؤمنة بحق امتياز من الدرجة الأولى على معظم الأصول الملموسة وغير الملموسة.
HNI Corporation (NYSE: HNI) 已启动交易要约和同意征求，涉及其先前宣布收购Steelcase (NYSE: SCS)。该交易要约允许符合条件的持有者将 Steelcase 现有的 5.125% 2029 年到期债券换成新的 HNI 债券，金额最高可达$450 百万美元。
合并后的公司在以 2024 年数据为基础的前瞻性净销售额约为$57 亿。在早期招标日（2025 年 10 月 9 日）前投标的每 1,000 美元现有票据，符合条件的持有人可获得 1,000 美元的新 HNI 债券，以及一笔为数为 $2.50 的现金同意金。交易要约将于2025 年 10 月 27 日到期。
预计该收购将于 2025 年第四季度完成，需获得股东批准及反垄断许可。新债券将由若干子公司担保，并以大部分有形及无形资产的第一优先抵押为担保。
Positive
- Combined company will have substantial scale with $5.7 billion in pro forma net sales
- New HNI Notes will be secured by first-priority liens on company assets
- Multiple subsidiary guarantees strengthen the new notes’ security
- Complementary brand portfolios and dealer networks expected to enhance customer reach
Negative
- Exchange offer may result in reduced liquidity for non-exchanged Steelcase Notes
- Proposed amendments will reduce protection for remaining Steelcase Note holders
- Complex transaction structure with multiple conditions and deadlines
- Subject to antitrust approvals which could delay or prevent closing
Insights
HNI’s note exchange offer for Steelcase acquisition indicates strategic financing structure with minimal impact on existing noteholders.
This exchange offer represents a critical financing component in HNI’s $5.7 billion acquisition of Steelcase, scheduled to close in Q4 2025. The transaction allows HNI to efficiently integrate Steelcase’s $450 million in outstanding notes into its capital structure while preserving identical terms for noteholders.
The exchange mechanics are particularly favorable for early participants. Noteholders who tender by October 9th will receive the full $1,000 principal amount in new HNI notes plus a $2.50 cash consent payment per $1,000 of existing notes. Those tendering after the early deadline receive only $970 in new notes per $1,000 tendered – effectively a 3% haircut.
The enhanced security package for the new notes is noteworthy. While the original Steelcase notes were unsecured, the new HNI notes will be guaranteed by multiple subsidiaries and secured by first-priority liens on substantially all tangible and intangible assets. This significantly strengthens the credit profile for participating noteholders.
HNI’s approach demonstrates sophisticated liability management by preserving the original 5.125% interest rate and 2029 maturity while enhancing collateral. This structure allows for seamless integration of Steelcase’s debt obligations without disrupting existing cash flow projections or creating refinancing pressure.
The consent solicitation to eliminate certain covenants from Steelcase’s indenture signals HNI’s desire for operational flexibility post-acquisition. For remaining Steelcase noteholders who don’t participate, this means reduced covenant protection and potentially decreased liquidity in their holdings.
Most importantly, the acquisition itself is not contingent on the success of this exchange offer, indicating HNI has alternative financing arrangements if participation is limited. This creates a strong incentive for noteholders to participate rather than risk holding increasingly illiquid securities with weakened covenants.
09/26/2025 – 02:39 PM
**HNI Corporation Launches Exchange Offer for Steelcase Notes Amid $5.7B Acquisition Push**
MUSCATINE, Iowa, Sept. 26, 2025 – HNI Corporation (NYSE: HNI) is actively progressing its acquisition of Steelcase (NYSE: SCS) with the launch of an exchange offer targeting Steelcase’s outstanding 5.125% Notes due 2029. The move, announced today, allows eligible Steelcase noteholders to exchange their existing notes for up to $450 million aggregate principal amount of new notes issued by HNI.
The proposed acquisition, initially unveiled on August 4, aims to create a dominant player in the commercial and residential furnishings market. HNI touts a $5.7 billion pro forma net sales figure for the combined entity based on 2024 results, citing complementary brand portfolios and dealer networks as key drivers for enhanced customer reach and long-term growth.
**Offer Details and Strategic Rationale**
The exchange offer presents a tiered incentive structure. Noteholders who tender their notes by the Early Tender Date of October 9, 2025, will receive $1,000 in new HNI notes plus a $2.50 cash consent payment for each $1,000 principal amount of existing Steelcase notes. Following the Early Tender Date, the consideration drops to $970 in new HNI notes for each $1,000 tendered.
Beyond the principal exchange, HNI is also soliciting consents to amend the Steelcase indenture, potentially stripping away certain covenants and restrictive provisions. While this streamlines operations for HNI post-acquisition, it introduces a risk of decreased liquidity and reduced protection for Steelcase noteholders who choose not to participate in the exchange. Legal analysts at CNBC suggest that the removal of these protective covenants could impact the risk profile of the remaining Steelcase notes.
**Security and Guarantees**
The new HNI notes will benefit from a significantly enhanced security package. They will be guaranteed by several HNI subsidiaries and secured by first-priority liens on substantially all tangible and intangible assets. This contrasts with the original unsecured status of the Steelcase notes, offering participating noteholders a more secure credit profile.
**Deal Contingencies and Timeline**
HNI is targeting a Q4 2025 closing for the acquisition. The exchange offer and consent solicitation expire on October 27, 2025, unless extended. While the acquisition is subject to customary closing conditions, including shareholder approvals and antitrust clearances, HNI emphasizes that its completion is *not* contingent on the success of the exchange offer. This indicates that HNI has secured alternative financing arrangements should the exchange offer fall short of full participation. Industry experts at CNBC indicate this independence from the note exchange provides HNI with significant leverage and underscores the company’s commitment to closing the deal.
**Analyst Perspective**
Financial analysts on CNBC’s Trading Nation have noted that this type of liability management is a key strategy to allow seamless integration with Steelcase, preserving current interest rates while enhancing collateral. The complex transaction underscores the necessity of financial due diligence, specifically for smaller, retail investors who do not tender their notes before the Early Tender Date.”
Furthermore, antitrust scrutiny remains a potential hurdle. Regulators will likely examine the combined market share to ensure the merger doesn’t stifle competition in the commercial furnishings sector. This review process could potentially delay the acquisition.
FAQ
What is the exchange ratio for HNI’s offer to Steelcase noteholders?
For each $1,000 of Steelcase notes tendered by the Early Tender Date, holders will receive $1,000 in new HNI notes plus a $2.50 cash consent payment. After the Early Tender Date, holders will receive $970 in new HNI notes for each $1,000 tendered.
When will HNI’s acquisition of Steelcase close?
HNI expects the acquisition to close in the fourth quarter of 2025, subject to customary closing conditions including shareholder approvals and antitrust clearances.
What is the deadline for HNI’s exchange offer?
The exchange offer expires at 5:00 p.m., New York City time, on October 27, 2025, unless extended. The Early Tender Date is October 9, 2025.
How will the new HNI Notes be secured?
The new HNI Notes will be secured on a first-priority basis by liens on substantially all tangible and intangible assets of HNI and the Guarantors, ranking pari passu with HNI’s senior credit facilities.
What is the combined revenue of HNI and Steelcase?
On a pro forma basis, the combined company had net sales of approximately $5.7 billion for the year ended December 28, 2024.
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