We advised HNI on the exchange offer

Davis Polk advised HNI Corporation in connection with its Rule 144A / Regulation S exchange offer to exchange $351 million of 5.125% senior notes due 2029 issued by Steelcase Inc. for HNI Corporation’s new 5.125% senior secured notes due 2029. The transaction was executed as part of HNI’s acquisition of Steelcase.

Based in Iowa, HNI Corporation 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 Davis Polk capital markets team included partner Hillary A. Coleman and associates Matt Weaver, Cheridan Christnacht and Jean (Jean Young) Koo. Partner William A. Curran and associate Kelli A. Rivers provided tax advice. Partner Christopher Nairn-Kim and associates Pablo Solórzano Cervantes, Emily (Yuhong) Su and Nyla Rawjee provided finance advice. Members of the Davis Polk team are based in the New York, London and São Paulo offices.

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