Herman Miller, Inc. filed a shelf-registration statement with the SEC to sell up to $300 million of debt securities. The proceeds of the company’s first public debt offering will be used for the repayment of outstanding debt and for general corporate purposes. The shelf registration enables it to register the securities in advance and sell them as needs or opportunities arise. Miller does not expect to significantly alter its total outstanding debt, which has ranged between $200 million and $240 million during the current fiscal year.
Beth Nickels, CFO, explained, “The $300 million shelf registration marks a significant step in the evolution of the company’s capital structure by providing access to a new source of capital. The shelf registration, combined with our syndicated revolving credit facility, will enable us to select the most attractive source of financing to fund the strategic initiatives that will drive our anticipated growth.”
From officeinsightTM
