Herman Miller wraps oversubscribed Dutch tender for 7.125% notes

By Jennifer Chiou

New York, July 23 - Herman Miller, Inc. announced the completion of its oversubscribed Dutch auction tender offer for up to $75 million of its $175 million of 7.125% notes due 2011.

The company received tenders for $110.55 million of the notes, and $75 million of the tendered notes was accepted on a pro rata basis of 67.84%.

For each $1,000 principal amount, the company said the clearing price was $1,060. It had said it would pay a range of $1,020 to $1,070 with tenders in increments of $2.50.

All notes tendered at less than the clearing price have been accepted in full while notes tendered at the clearing price were prorated by a factor of 54.06%.

The payout included a $40.00 early tender payment for those who tendered by 5 p.m. ET on July 8.

The offer ended at 11:59 p.m. ET on July 22.

Herman Miller said it also paid accrued interest.

Goldman, Sachs & Co. was the dealer manager (877 686-5059 or 212 902-5183). Global Bondholder Services Corp. was the information agent (866 387-1500 or call collect 212 430-3774).

Zeeland, Mich.-based Herman Miller manufactures office furniture and equipment.

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