Steelcase borrows $79 million under revolver to acquire Orangebox

By Marisa Wong

Morgantown, W.Va., Sept. 20 – Steelcase Inc. borrowed $79 million under its committed unsecured revolving credit facility on Sept. 19, according to an 8-K filing with the Securities and Exchange Commission.

Steelcase will use the funds for its acquisition of Orangebox Group Ltd.

The amount borrowed will bear interest at 3.29% initially.

The revolver is governed by the company’s second amended and restated credit agreement dated Sept. 23, 2016 with JPMorgan Chase Bank, NA as administrative agent, Bank of America, NA and Wells Fargo Bank, NA as co-syndication agents and HSBC Bank USA, NA as documentation agent.

Steelcase is a Grand Rapids, Mich.-based office furniture manufacturer. Orangebox designs and manufactures innovative office furniture and is based in Wales.

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