Herman Miller outlines structure of $1.75 billion credit facilities

By Sara Rosenberg

New York, May 24 – Herman Miller Inc. has a commitment for a $725 million term loan B, a $300 million term loan A and a $725 million revolving credit facility to help fund its acquisition of Knoll Inc., according to an S-4 filed with the Securities and Exchange Commission on Monday.

Goldman Sachs Bank USA, Wells Fargo Securities LLC, Citizens Bank, JPMorgan Chase Bank, KeyBanc Capital Markets Inc., PNC Capital Markets LLC, Huntington National Bank and Truist Securities Inc. provided the commitment for the $1.75 billion of senior secured credit facilities.

Under the agreement, Knoll is being bought for $11.00 in cash and 0.32 of a share of Herman Miller common stock for each share of Knoll common stock. The transaction is valued at $1.8 billion.

Closing is expected by the end of the third quarter, subject to approval by Herman Miller and Knoll shareholders, the receipt of required regulatory approvals and the satisfaction of other customary conditions.

Herman Miller is a Zeeland, Mich.-based manufacturer of office furniture and equipment. Knoll is an East Greenville, Pa.-based manufacturer of home and workplace furnishings, accessories, textiles and leathers.

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