Steelcase borrows $75 million from revolver for Smith System purchase

By Sarah Lizee

Olympia, Wash., July 6 – Steelcase Inc. borrowed $75 million under its committed unsecured revolving credit facility on June 29 as partial funding of its pending acquisition of Smith System Manufacturing Co., according to an 8-K filing with the Securities and Exchange Commission.

The amount borrowed is subject to an initial rate of interest equal to 3.0685% per year.

The revolver is under the company’s second amended and restated credit agreement dated as of Sept. 23, 2016 with JPMorgan Chase Bank, NA as administrative agent.

Bank of America, NA and Wells Fargo Bank, NA are co-syndication agents, and HSBC Bank USA, NA is the documentation agent.

Closing of the acquisition is subject to customary conditions and regulatory approvals.

Steelcase is a Grand Rapids, Mich.-based office furniture manufacturer. Smith System Manufacturing is a Plano, Texas-based company that offers seating, desk, table, cart and shelving products.

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