HNI Corporation Announces Expiration and Final Results of Exchange Offer
Rhea-AI Summary
HNI (NYSE: HNI) announced the expiration and final results of its exchange offer and consent solicitation tied to its proposed acquisition of Steelcase (NYSE: SCS).
HNI offered up to $450,000,000 of new 5.125% Senior Secured Notes due 2029 in exchange for Steelcase's 5.125% Senior Notes due 2029. As of the 5:00 p.m. New York time Expiration Date on December 5, 2025, holders tendered $351,008,000 (78.00%) of the existing notes. HNI received earlier consents on October 9, 2025 to amend the Steelcase indenture; settlement and the Acquisition are expected to occur on December 10, 2025.
Positive
- Shareholders of HNI and Steelcase approved the Acquisition on Dec 5, 2025
- Received consents on Oct 9, 2025 to permit indenture amendments
- $351,008,000 of Existing Steelcase Notes tendered (78.00%)
- Settlement of Exchange Offer and Acquisition expected on Dec 10, 2025
Negative
- 22.00% of Existing Steelcase Notes were not tendered by expiration
- New HNI Notes are unregistered under the Securities Act and have resale restrictions
Key Figures
Market Reality Check
Peers on Argus
Peers showed mixed, mostly negative moves: WHR -3.23%, TILE -2.01%, SCS -0.37%, MBC -0.36%, while PATK was roughly flat. The pattern does not indicate a broad, synchronized sector move around this HNI news.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 25 | Acquisition process update | Positive | +2.3% | Set merger consideration election deadline for Steelcase shareholders. |
| Nov 05 | Dividend declaration | Positive | -1.0% | Announced quarterly dividend of <b>$0.34</b> per share. |
| Oct 28 | Earnings results | Neutral | -0.6% | Reported Q3 2025 results with mixed GAAP vs non‑GAAP EPS trends. |
| Oct 27 | Exchange offer extension | Neutral | -0.6% | Extended Steelcase notes exchange offer tied to acquisition financing. |
| Oct 20 | Product and ESG update | Positive | +1.3% | Allsteel highlighted sustainable, modular office solutions and design themes. |
Recent HNI news, including acquisition milestones and product updates, generally saw modest, directionally aligned price moves, with only the dividend headline coinciding with a mild decline.
Over the past few months, HNI has focused on the pending Steelcase acquisition and operational execution. Key milestones include the Oct 27 extension of the exchange offer and the Nov 25 election deadline announcement, both tied to Steelcase. Q3 2025 results on Oct 28 showed solid margins and debt reduction. Today’s update on the exchange offer’s expiration and shareholder approvals continues that acquisition execution narrative.
Market Pulse Summary
This announcement confirms that HNI’s exchange offer for Steelcase’s 5.125% notes due 2029 reached 78.00% participation and that both companies’ shareholders approved the acquisition, which is expected to close on Dec 10, 2025. It marks a key step in aligning Steelcase’s capital structure with HNI’s. Investors may track final settlement, post‑closing leverage, and future disclosures on integration plans and financing costs.
Key Terms
exchange offer financial
consent solicitation financial
indenture regulatory
supplemental indenture regulatory
Rule 144A regulatory
Regulation S regulatory
qualified institutional buyers financial
AI-generated analysis. Not financial advice.
MUSCATINE, Iowa, Dec. 05, 2025 (GLOBE NEWSWIRE) -- On August 4, 2025, HNI Corporation (NYSE: HNI; “HNI”) announced a definitive agreement to acquire Steelcase, Inc. (NYSE: SCS; “Steelcase”) in a cash and stock transaction (the “Acquisition”). In connection with the Acquisition, HNI previously announced the commencement of an offer to exchange any and all outstanding
HNI today announced the expiration and final results of the previously announced (A) offer to exchange (the “Exchange Offer”) any and all outstanding Existing Steelcase Notes for New HNI Notes and (B) related solicitation of consents (the “Consent Solicitation”) from the Eligible Holders of the Existing Steelcase Notes to, among other things, eliminate certain covenants and restrictive provisions from the Steelcase indenture dated August 7, 2006, governing the Existing Steelcase Notes (as amended and supplemented, the “Existing Steelcase Indenture”) and the Existing Steelcase Notes (the “Proposed Amendments”).
On the early tender date and consent revocation deadline of October 9, 2025, HNI received consents sufficient to amend the Existing Steelcase Indenture to effectuate the Proposed Amendments. The supplemental indenture to the Existing Steelcase Indenture was executed on October 9, 2025 in order to effect the Proposed Amendments (the “Existing Steelcase Notes Supplemental Indenture”). The Existing Steelcase Notes Supplemental Indenture will become operative only upon the settlement date for the Exchange Offer and the Consent Solicitation. The Exchange Offer expired at 5:00 p.m., New York City time, on December 5, 2025 (the “Expiration Date”), and no tenders submitted after the Expiration Date are valid.
The Exchange Offer and Consent Solicitation was made subject to the satisfaction of certain conditions, including among other things, the consummation of the Acquisition. On December 5, 2025, at their respective special meetings, the requisite majorities of shareholders of HNI and Steelcase voted in favor of approving the Acquisition. The Acquisition is expected to close on December 10, 2025. All other conditions set forth in the Exchange Offer Memorandum and Consent Solicitation Statement dated September 26, 2025 (the “Statement”) have been satisfied. The settlement of the Exchange Offer and Consent Solicitation is expected to occur on December 10, 2025.
As of 5:00 p.m., New York City time, on the Expiration Date, the principal amounts of Existing Steelcase Notes set forth in the table below had been validly tendered and not validly withdrawn (and consents thereby validly delivered and not validly revoked).
| Title of Existing Steelcase Notes | CUSIP Number of Existing Steelcase Notes | Title of New HNI Notes | Aggregate Principal Amount Outstanding | Existing Steelcase Notes Tendered | |||||||||
| Principal Amount | Percentage | ||||||||||||
| 858155 AE4 | |||||||||||||
HNI made the Exchange Offer and Consent Solicitation pursuant to the terms and subject to the conditions set forth in the Statement. The Statement and other documents relating to the Exchange Offer and Consent Solicitation were only distributed to holders of Existing Steelcase Notes who completed and returned a letter of eligibility certifying that they were (i) “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act of 1933, as amended ( “Securities Act”) or (ii) not “U.S. persons” and were outside of the United States within the meaning of Regulation S under the Securities Act and who were “non-U.S. qualified offerees” (as defined in the Statement) were authorized to receive and review the Statement (such persons, “Eligible Holders”).
The New HNI Notes have not been registered under the Securities Act or any state or foreign securities laws, and they may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state and foreign securities laws.
About HNI Corporation
HNI Corporation (NYSE: HNI) has been improving where people live, work, and gather for more than 75 years. HNI is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation's leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act, which involve risks and uncertainties. Any statements about HNI’s, Steelcase’s or the combined company’s plans, objectives, expectations, strategies, beliefs, or future performance or events and any other statements to the extent they are not statements of historical fact are forward-looking statements. Words, phrases or expressions such as “anticipate,” “believe,” “could,” “confident,” “continue,” “estimate,” “expect,” “forecast,” “hope,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “possible,” “potential,” “predict,” “project”, “target,” “trend” and similar words, phrases or expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are based on information available and assumptions made at the time the statements are made. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Forward-looking statements in this communication include, but are not limited to, statements about the timing of the Acquisition, the Exchange Offer and the Consent Solicitation, including the expected timing of the consummation of the Acquisition and settlement of the Exchange Offer, and other statements that are not historical facts.
The following Acquisition-related factors, among others, could cause actual results to differ materially from those expressed in or implied by forward-looking statements: the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between HNI and Steelcase; the outcome of any legal proceedings that may be instituted against HNI or Steelcase; the possibility that the Acquisition does not close when expected or at all because required regulatory or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Acquisition); the risk that the benefits from the Acquisition may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, trade policy (including tariff levels), laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which HNI and Steelcase operate; any failure to promptly and effectively integrate the businesses of HNI and Steelcase; the possibility that the Acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of HNI’s or Steelcase’s customers, employees or other business partners, including those resulting from the announcement, pendency or completion of the Acquisition; the dilution caused by HNI’s issuance of additional shares of its capital stock in connection with the Acquisition; and the diversion of management’s attention and time to the Acquisition from ongoing business operations and opportunities.
Additional important factors relating to Steelcase that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; cyberattacks; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in Steelcase’s most recent Annual Report on Form 10-K and its other filings with the U.S. Securities and Exchange Commission (the “SEC”).
Additional important factors relating to HNI that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, HNI’s ultimate realization of the anticipated benefits of the acquisition of Kimball International; disruptions in the global supply chain; the effects of prolonged periods of inflation and rising interest rates; labor shortages; the levels of office furniture needs and housing starts; overall demand for HNI’s products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of HNI’s customers; HNI’s reliance on its network of independent dealers; change in trade policy, including with respect to tariff levels; changes in raw material, component, or commodity pricing; market acceptance and demand for HNI’s new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on HNI’s financing activities; an inability to protect HNI’s intellectual property; cybersecurity threats, including those posed by potential ransomware attacks; impacts of tax legislation; and force majeure events outside HNI’s control, including those that may result from the effects of climate change, a description of which risks and uncertainties and additional risks and uncertainties can be found in HNI’s most recent Annual Report on Form 10-K and its other filings with the SEC.
These factors are not necessarily all of the factors that could cause HNI’s, Steelcase’s or the combined company’s actual results, performance, or achievements to differ materially from those expressed in or implied by any forward-looking statements. Other unknown or unpredictable factors also could harm HNI’s, Steelcase’s or the combined company’s results.
All forward-looking statements attributable to HNI, Steelcase, or the combined company, or persons acting on HNI’s or Steelcase’s behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and HNI and Steelcase do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If HNI or Steelcase updates one or more forward-looking statements, no inference should be drawn that HNI or Steelcase will make additional updates with respect to those or other forward-looking statements. Further information regarding HNI, Steelcase and factors that could affect the forward-looking statements contained herein can be found in HNI’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC, and in Steelcase’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC including the section entitled "Risk Factors" in the registration statement on Form S-4 relating to the Acquisition.
No Offer or Solicitation
This communication is not intended to and does not constitute an offer to purchase, or the solicitation of an offer to sell, or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In the case of the Exchange Offer and Consent Solicitation, the Exchange Offer and Consent Solicitation are being made solely pursuant to the Statement and only to such persons and in such jurisdictions as is permitted under applicable law.
For Information, Contact:
Vincent P. Berger
Executive Vice President and Chief Financial Officer
(563) 272-7400
Matthew S. McCall
Vice President, Investor Relations and Corporate Development
(563) 275-8898
FAQ
What did HNI announce about the exchange offer for Steelcase 5.125% notes (HNI, Dec 5, 2025)?
When is HNI expected to close the acquisition of Steelcase (HNI, Dec 2025)?
How much of the Existing Steelcase Notes were tendered in HNI's exchange offer (expiration Dec 5, 2025)?
What conditions remained for settlement of HNI's exchange offer tied to the Steelcase deal?
Are the New HNI Notes being registered for resale under the Securities Act?
