Simpson Thacher represented JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association in connection with the financing of HNI Corporation’s (“HNI”) recently consummated $2.2 billion acquisition of Steelcase Inc. (“Steelcase”). The financing consists of $1.275 billion of new senior secured credit facilities, comprised of a $350 million term loan A facility, a $500 million term loan B facility and a $425 million revolving credit facility. In addition, Simpson Thacher represented J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as dealer managers, in connection with a concurrent exchange offer of any and all outstanding 5.125% Senior Notes due 2029 issued by Steelcase for new 5.125% Senior Secured Notes due 2029 issued by HNI.
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.
The Simpson Thacher team includes Dan Kay, Robert Meyer, Sophie Skinner, Colin Manchester and Emma Li (Credit); David Azarkh, Evan Zuckerman, Kelly Johnson, and Sharon Foster (Capital Markets); Michael Mann (Tax); Jon Pall (Collateral); Courtney Welshimer, Matthew Richardson and Paige Brinton (Intellectual Property); and Jeanne M. Annarumma (Executive Compensation and Employee Benefits).