Notes

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.

CNH Industrial (CNHI) has priced a €500 million offering of 3.875% notes due September 3, 2035, at 98.906% of the principal amount. The proceeds will be used for general corporate purposes, including debt repayment. Offered exclusively outside the U.S. to non-U.S. institutional investors, the notes will be listed on the Euronext Dublin Global Exchange Market. The transaction, expected to close September 3, 2025, aims to optimize CNH’s debt maturity profile and reflects a proactive capital management strategy.