HNI Corporation Announces Results of Early Participation in Exchange Offer and Consent Solicitation
HNI (NYSE: HNI) announced results of its exchange offer and consent solicitation tied to its proposed acquisition of Steelcase on Oct 10, 2025. Eligible holders representing 77.83% ($350,230,000) of Steelcase's 5.125% notes due 2029 had validly tendered by the Early Tender Date of Oct 9, 2025. Holders tendering at or before the Early Tender Date are eligible for $1,000 principal of New HNI Notes plus a $2.50 consent payment and an included early tender payment of $30. Holders tendering after the Early Tender Date and before the Oct 27, 2025 Expiration Date are eligible for $970 principal of New HNI Notes and no consent payment. The Proposed Amendments to the Steelcase indenture have been approved and will become operative upon settlement, expected within five business days after the Expiration Date.
HNI (NYSE: HNI) ha annunciato i risultati della sua offerta di scambio e della sollecitazione di consenso legata alla sua proposta di acquisizione di Steelcase il 10 ottobre 2025. I detentori idonei che rappresentano 77.83% ($350,230,000) delle note Steelcase 5.125% in scadenza nel 2029 le avevano validamente presentate entro la Early Tender Date del 9 ottobre 2025. I detentori che partecipano entro o prima della Early Tender Date sono idonei a $1,000 di valore nominale di nuove obbligazioni HNI e a un pagamento di consenso di $2.50 e a un pagamento anticipato di $30. I detentori che partecipano dopo la Early Tender Date e prima della Expiration Date del 27 ottobre 2025 hanno diritto a $970 di valore nominale di nuove obbligazioni HNI e a nessun pagamento di consenso. Le modifiche proposte all'indenture di Steelcase sono state approvate e entreranno in vigore al settlement, previsto entro cinque giorni lavorativi dopo la Expiration Date.
HNI (NYSE: HNI) anunció los resultados de su oferta de canje y solicitud de consentimiento vinculadas a su adquisición propuesta de Steelcase el 10 de octubre de 2025. Los tenedores elegibles que representan 77.83% ($350,230,000) de las notas de Steelcase del 5.125% con vencimiento en 2029 las habían entregado válidamente antes de la Early Tender Date del 9 de octubre de 2025. Los tenedores que participen a más tardar en la Early Tender Date son elegibles para $1,000 de principal de Nuevas Notas HNI, más un pago de consentimiento de $2.50 y un pago por tender anticipado de $30. Los tenedores que participen después de la Early Tender Date y antes de la Fecha de Expiración del 27 de octubre de 2025 son elegibles para $970 de principal de Nuevas Notas HNI y sin pago de consentimiento. Las Enmiendas Propuestas al indenture de Steelcase han sido aprobadas y entrarán en vigor tras la liquidación, prevista dentro de cinco días hábiles después de la Fecha de Expiración.
HNI (NYSE: HNI)는 Steelcase 인수를 위한 제안과 교환 제안에 대한 동의 유도를 2025년 10월 10일에 발표했다. 2029년 만기 5.125% Steelcase 채권의 유자격 보유자 중 77.83% ($350,230,000)가 조기 입찰일인 2025년 10월 9일까지 유효하게 입찰했다. 조기입찰일 이전에 입찰하는 보유자는 $1,000의 신규 HNI 채권액면과 $2.50의 동의금, 그리고 조기입찰 보상금 $30을 수령할 자격이 있다. 조기입찰일 이후, 만료일(2025년 10월 27일) 이전에 입찰하는 보유자는 $970의 신규 HNI 채권액면만 받고 동의금은 없다. Steelcase의 인두기(indenture) 개정안은 승인되었으며 만료일 이후 5영업일 내에 settlement에서 시행될 예정이다.
HNI (NYSE: HNI) a annoncé les résultats de son offre d'échange et de sollicitation de consentement liée à son projet d'acquisition de Steelcase le 10 octobre 2025. Les détenteurs éligibles représentant 77.83% ($350,230,000) des obligations Steelcase 5,125% arrivant à échéance en 2029 l'avaient valablement déclaré à l'avance avant la Early Tender Date du 9 octobre 2025. Les détenteurs qui font une offre avant ou à la Early Tender Date sont éligibles pour $1,000 de principal de Nouvelles Obligations HNI, plus un paiement de consentement de $2.50 et un paiement d'anticipation de $30. Ceux qui font une offre après la Early Tender Date et avant la date d'expiration du 27 octobre 2025 sont éligibles pour $970 de principal de Nouvelles Obligations HNI et aucun paiement de consentement. Les amendements proposés à l'indenture de Steelcase ont été approuvés et entreront en vigueur à la liquidation, prévue dans cinq jours ouvrables après la date d'expiration.
HNI (NYSE: HNI) gab Ergebnisse seines Austauschangebots und der Einholung von Zustimmung im Zusammenhang mit seinem vorgeschlagenen Erwerb von Steelcase am 10. Oktober 2025 bekannt. Berechtigte Inhaber, die 77.83% ($350,230,000) der Steelcase-5,125%-Anleihen mit Fälligkeit 2029 darstellen, hatten bis zum Early Tender Date des 9. Oktober 2025 ordnungsgemäß eingestift. Inhaber, die bis zum Early Tender Date einreichen, erhalten $1,000 Nennwert von neuen HNI-Anleihen zuzüglich einer Zustimmungzahlung von $2.50 und einer Early-Tender-Zahlung von $30. Inhaber, die nach dem Early Tender Date, aber vor dem Ablaufdatum des 27. Oktober 2025 einreichen, erhalten $970 Nennwert von neuen HNI-Anleihen und keine Zustimmungzahlung. Die vorgeschlagenen Änderungen an der Steelcase-Indenture wurden genehmigt und treten bei Settlement in Kraft, voraussichtlich innerhalb von fünf Geschäftstagen nach dem Ablaufdatum.
HNI (NYSE: HNI) أعلنت عن نتائج عرض التبادل ودعوة التمكين المرتبطة باقتناها المقترح لـ Steelcase في 10 أكتوبر 2025. يحمل المؤهلون الذين يمثلون 77.83% ($350,230,000) من سندات Steelcase ذات الفائدة 5.125% المستحقة في 2029، بشكل صحيح حتى Early Tender Date بتاريخ 9 أكتوبر 2025. أصحاب العروض المقبولين قبل أو عند Early Tender Date مؤهلون للحصول على $1,000 كقيمة اسمية لسندات HNI جديدة بالإضافة إلى دفعة موافقة قدرها $2.50 ودفعة التدوير المبكر $30. أصحاب العروض بعد Early Tender Date وقبل تاريخ الانتهاء 27 أكتوبر 2025 مؤهلون للحصول على $970 كقيمة اسمية لسندات HNI جديدة وبدون دفعة موافقة. التعديلات المقترحة على سند Steelcase قد تمت الموافقة عليها وستصبح سارية عند التسوية، المتوقع خلال خمسة أيام عمل بعد تاريخ الانتهاء.
HNI (NYSE: HNI) 于 2025 年 10 月 10 日宣布了与拟议收购 Steelcase 相关的交换要约及取得同意的请求的结果。代表 Steelcase 的 5.125% 于 2029 年到期的票据中，符合条件的持有者占比为 77.83%（$350,230,000）并且在早期招标日 2025 年 10 月 9 日 前已有效投标。于早期招标日及之前投标的持有者有资格获得 $1,000 的新 HNI 债券本金、一个 $2.50 的同意金，以及一个包含在内的早期投标金 $30。在早期招标日之后、但在 2025 年 10 月 27 日 到期日之前投标的持有者有资格获得 $970 的新 HNI 债券本金，而没有同意金。拟议的 Steelcase 债券契约修改已获批准，预计在到期日后五个工作日内结算时生效。
- Consents received from 77.83% of Existing Steelcase Notes
- Valid tenders of $350,230,000 of Existing Steelcase Notes
- Exchange offer sized up to $450,000,000 New HNI Notes
- Exchange Offer expected to reduce liquidity for non-exchanged Existing Steelcase Notes
- Proposed Amendments will reduce protections for remaining holders of Existing Steelcase Notes
- New HNI Notes are unregistered under the Securities Act and restricted in resale
Insights
HNI secured substantial creditor consent (77.83%), materially advancing the Steelcase acquisition financing and indenture amendments.
HNI’s exchange offer will convert up to
Key dependencies remain: final settlement after the
Watch for the actual settlement within five business days after the Expiration Date, confirmation that the Acquisition closes on or before that settlement date, and any extension of the Expiration Date which HNI said it may implement; these events will concretely determine when the supplemental indenture and New HNI Notes become operative.
MUSCATINE, Iowa, Oct. 10, 2025 (GLOBE NEWSWIRE) -- On August 4, 2025, HNI Corporation (NYSE: HNI; “HNI” or “the Corporation”) 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 that it has received consents from Eligible Holders (as defined herein) representing
The withdrawal deadline for the Exchange Offer expired at 5:00 p.m., New York City time, on October 9, 2025 and has not been extended. Accordingly, holders may no longer withdraw Existing Steelcase Notes tendered in the Exchange Offer, including, for the avoidance of doubt, any Existing Steelcase Notes tendered on or after the date hereof and prior to the Expiration Date (as defined below), except as required by law. Furthermore, consents delivered in the Consent Solicitation with respect to the Existing Steelcase Notes may no longer be revoked, except as required by law.
In accordance with the terms of the Existing Steelcase Indenture and the Exchange Offer Memorandum and Consent Solicitation Statement dated September 26, 2025 (the “Statement”), HNI has received consents sufficient to amend the Existing Steelcase Indenture to effectuate the Proposed Amendments. The Proposed Amendments are further described in the Statement. Accordingly, Steelcase has executed a supplemental indenture (the “Existing Steelcase Notes Supplemental Indenture”) to the Existing Steelcase Indenture to effect the Proposed Amendments approved in the Consent Solicitation. The Proposed Amendments effectuated by the Existing Steelcase Notes Supplemental Indenture will become operative only upon the settlement date for the Exchange Offer and the Consent Solicitation, which is expected to be within five business days after the Expiration Date.
As of 5:00 p.m., New York City time, on October 9, 2025 (the “Early Tender 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).
For each
| Title of Existing Steelcase Notes | CUSIP Number of Existing Steelcase Notes | Title of New HNI Notes | Aggregate Principal Amount Outstanding | Existing Steelcase Notes Tendered at Early Tender Date | |||||||||
| Principal Amount | Percentage | ||||||||||||
| 858155 AE4 | |||||||||||||
Eligible Holders who (i) validly tendered their Existing Steelcase Notes at or prior to the Early Tender Date, (ii) validly delivered their related consent in the Consent Solicitation at or prior to the Early Tender Date, and (iii) beneficially own such Existing Steelcase Notes at the Expiration Date, will be eligible to receive the Total Exchange Consideration.
Eligible Holders who (i) validly tender their Existing Steelcase Notes after the Early Tender Date and prior to the Expiration Date, (ii) validly deliver their related consents in the Consent Solicitation after the Early Tender Date and prior to the Expiration Date, and (iii) beneficially own such Existing Steelcase Notes at the Expiration Date, will be eligible to receive the Exchange Consideration.
The settlement date will be promptly after the Expiration Date and is expected to be within five business days after the Expiration Date. To the extent the consummation of the Acquisition is not anticipated to occur on or before the then-anticipated settlement date, for any reason, HNI anticipates extending the Expiration Date until such time that the Acquisition may be consummated on or before the settlement date. During any extension of the Expiration Date, all Existing Steelcase Notes previously tendered (and not validly withdrawn) in an extended Exchange Offer will remain subject to such Exchange Offer and may be accepted for exchange by HNI.
HNI is making 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 have and will only be distributed to holders of Existing Steelcase Notes who complete and return a letter of eligibility certifying that they are (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 are outside of the United States within the meaning of Regulation S under the Securities Act and who are “non-U.S. qualified offerees” (as defined in the Statement) are authorized to receive and review the Statement (such persons, “Eligible Holders”). Eligible Holders of Existing Steelcase Notes who desire to obtain and complete the letter of eligibility and obtain copies of the Statement should either visit www.dfking.com/hni or contact D.F. King & Co., Inc. (the “Information & Exchange Agent”) at HNI@dfking.com, (800) 488-8075 (toll-free) or (212) 235-7305 (collect for banks and brokers).
Among other risks described in the Statement, the Exchange Offer and Consent Solicitation are expected to result in reduced liquidity for the Existing Steelcase Notes that are not exchanged and, if adopted, the Proposed Amendments will reduce protection to remaining holders of Existing Steelcase Notes. Eligible Holders should refer to the Statement for more details on the risks related to the Exchange Offer and Consent Solicitation.
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 and potential extension of the operative time of the Existing Steelcase Notes Supplemental Indenture, the Settlement Date and the Expiration Date, 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, shareholder, 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 percentage of Steelcase 5.125% notes did HNI receive consents for as of Oct 9, 2025?
How much principal of Existing Steelcase notes was validly tendered by the Early Tender Date?
What does an Eligible Holder receive if they tender by the Early Tender Date in HNI's exchange offer?
What is the exchange consideration for holders who tender after Oct 9, 2025 but before Oct 27, 2025?
When will the Proposed Amendments to the Steelcase indenture take effect for HNI (NYSE: HNI)?
What investor risks did HNI identify for the exchange and consent process?
