Steelcase amends, restates upsized $300 million revolver

By William Gullotti

Buffalo, N.Y., Feb. 7 – Steelcase Inc. entered into a fourth amended and restated credit agreement with JPMorgan Chase Bank, NA as administrative agent on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The unsecured revolver’s borrowing capacity expanded to $300 million from $250 million, which may be increased by up to $150 million. It also includes a $50 million sublimit for letters of credit and a $60 million sublimit for swingline loans.

The five-year revolver, which replaced the third amended and restated credit agreement expected to expire in February 2025, was undrawn at signing.

Borrowings may be drawn in dollars or euros. Borrowings will bear interest at term SOFR or adjusted Euribor plus a margin of 112.5 basis points to 152.5 bps, depending on gross leverage ratio.

The company is required to maintain a maximum net leverage ratio that is less than 3.5 to 1.0 and a minimum interest coverage ratio of no less than 3.0 to 1.0.

Facility proceeds may be used for general corporate purposes, including friendly acquisitions.

JPMorgan is also the bookrunner and lead arranger. Bank of America, NA is the syndication agent. HSBC Bank USA, NA is the documentation agent.

Steelcase is a Grand Rapids, Mich.-based office furniture manufacturer.

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