GlobeNewswire·Dec 5, 2025, 6:25 PM ET

HNI Corporation Announces Expiration and Final Results of Exchange Offer

HNI SCS

HNI Corporation announced the expiration of its exchange offer & consent solicitation regarding Steelcase's 5.125% Notes due 2029 on December 5, 2025.
The Acquisition of Steelcase by HNI was approved by shareholders of both companies on December 5, 2025, & is expected to close on December 10, 2025.
Settlement of the Exchange Offer & Consent Solicitation is also scheduled for December 10, 2025, contingent on the consummation of the Acquisition.
HNI received sufficient consents by October 9, 2025, to amend the Existing Steelcase Indenture, though the supplemental indenture becomes operative only upon settlement.
Valid tenders were received for $351,008,000 of the $450,000,000 aggregate principal amount of Existing Steelcase Notes, representing 78.00% of the outstanding debt.
The New HNI Notes to be issued in exchange are unregistered & may not be offered or sold except pursuant to an exemption from Securities Act registration requirements.
Eligible Holders for the Exchange Offer were limited to qualified institutional buyers under Rule 144A or non-U.S. persons outside the United States under Regulation S.
The Exchange Offer & Consent Solicitation were subject to conditions including the satisfaction of all terms set forth in the Statement dated September 26, 2025.
HNI operates under Workplace Furnishings & Residential Building Products segments, while Steelcase is a manufacturer of workplace furnishings.
The release includes forward-looking statements regarding the timing & success of the Acquisition, Exchange Offer, & Consent Solicitation, along with associated risks.