Document/ExhibitDescriptionPagesSize 1: 8-K Current Report HTML 29K
2: EX-10.1 Material Contract HTML 519K
6: R1 Cover Page HTML 47K
9: XML IDEA XML File -- Filing Summary XML 11K
7: XML XBRL Instance -- hni-20220614_htm XML 22K
8: EXCEL IDEA Workbook of Financial Reports XLSX 6K
4: EX-101.LAB XBRL Labels -- hni-20220614_lab XML 71K
5: EX-101.PRE XBRL Presentations -- hni-20220614_pre XML 34K
3: EX-101.SCH XBRL Schema -- hni-20220614 XSD 10K
10: JSON XBRL Instance as JSON Data -- MetaLinks 12± 17K
11: ZIP XBRL Zipped Folder -- 0000048287-22-000144-xbrl Zip 135K
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
i☐
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
iCommon Stock
iHNI
iNew
York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
i☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement
On June
14, 2022, HNI Corporation (the “Corporation”) amended and restated its credit facility to extend the term of its current facility.
The Corporation, certain domestic subsidiaries of the Corporation, the lenders, Wells Fargo Bank, National Association, as administrative agent, and Bank of America, N.A., as syndication agent, entered into the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) on June 14, 2022.The Credit Agreement amends and restates the Third Amended and Restated Credit Agreement, dated April 20, 2018 (the “Prior Facility”).
The Credit Agreement, at
the preference of the Corporation, decreases the revolving commitment of the lenders from $450,000,000 to $400,000,000 (while retaining the Corporation’s option under the Prior Facility to increase its borrowing capacity by an additional $150,000,000) and extends the maturity date fromApril 2023 to June 2028.Additionally, a subsidiary guarantor under the Prior Facility was released as guarantor under the Credit Agreement.
The Credit Agreement contains customary affirmative and negative covenants, events of default, and acceleration provisions for credit facilities of this type.The covenants permit the Corporation to use proceeds of the loans to provide for the working capital and general corporate requirements of the Corporation, including acquisitions, payment
of dividends, and stock repurchases.All other material terms and conditions of the Credit Agreement remain unchanged from the Prior Facility, a description of which can be found in “Note 7. Debt” in the Notes to Consolidated Financial Statements included in the Corporation’s Annual Report on Form 10-K filed on March 1, 2022.
Some of the lenders or their affiliates perform commercial banking, investment banking, underwriting, and other financial advisory services for the Corporation, for which they receive customary compensation.
The foregoing description of the Credit Agreement and related matters is only a summary and is qualified in its entirety by reference to the Credit Agreement, which is filed as Exhibit
10.1 hereto and incorporated herein by reference.
Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
