HNI - amendment no. 3 provides for $498.75 mln term loans maturing in 2032 - SEC filing

HNI Corporation has announced the execution of Amendment No. 3 to its credit agreement, which provides for $498.75 million in term loans maturing in 2032, according to a recent SEC filing. This amendment follows prior amendments to the credit facility, including Amendment No. 2, which established a $500 million term loan B facility in December 2025 to finance the acquisition of Steelcase Inc.

Under Amendment No. 3, the new term loans will be used to refinance existing debt and support ongoing operations. The terms of the amendment include customary interest rates and covenants typical for such credit facilities. Borrowings under the new term loans will bear interest at a rate determined by HNI’s option, based on either an alternate base rate or a term SOFR rate, with applicable margins tied to HNI’s net leverage ratio.

The amendment reflects HNI’s continued efforts to manage its capital structure and optimize financial flexibility following the completion of the Steelcase acquisition. The company has also issued new senior secured notes and executed an exchange offer as part of its broader financing strategy.

HNI’s updated credit facility underscores its commitment to maintaining a strong balance sheet while supporting long-term growth and operational stability.