HNI Corporation

HNI Corporation is progressing its $5.7 billion acquisition of Steelcase by launching an exchange offer for Steelcase’s 5.125% notes due 2029. Eligible holders can exchange notes for new HNI notes (up to $450M). Early tenders (by Oct 9, 2025) receive $1,000 in new notes plus $2.50 cash per $1,000 principal; later tenders receive $970. The HNI notes will be secured, unlike the Steelcase notes. The acquisition, targeted for Q4 2025 closing, isn’t contingent on the offer’s success. The exchange offer expires October 27, 2025.