GRAND RAPIDS, Mich., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE:SCS) announced today that it has agreed to sell $250 million aggregate principal amount of 6.375% senior notes due February 15, 2021 in an underwritten public offering in which J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers. The company plans to use the net proceeds from the sale of the notes, together with available cash on hand, to repay the outstanding aggregate principal amount of its 6.5% senior notes due August 15, 2011. Pending repayment of its 6.5% senior notes, the company may invest the net proceeds from the offering in short-term marketable securities. The offering is expected to close on February 3, 2011, subject to market conditions and other factors.
This offering is being made pursuant to a prospectus supplement to the company's prospectus, dated June 4, 2009, filed as part of the company's effective universal shelf registration statement. Copies of the prospectus supplement and accompanying prospectus relating to the notes may be obtained by contacting the joint book-running managers:
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-looking Statements
From time to time, in written and oral statements, the company discusses its expectations regarding future events and its plans and objectives for future operations. These forward-looking statements generally are accompanied by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "possible," "potential," "predict," "project," or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary from the company's expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters and other Force Majeure events; changes in the legal and regulatory environment; restructuring activities; changes in raw material and commodity costs; currency fluctuations; changes in customer demands; and the other risks and contingencies detailed in the company's most recent Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Steelcase undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
About Steelcase Inc.
Steelcase Inc. is the global leader in furnishing the work experience in office environments, offering a comprehensive portfolio of workplace furnishings, products and services.
The Steelcase Inc. logo is available at
CONTACT: Investor Contact: Raj Mehan Investor Relations (616) 698-4734 Media Contact: Laura VanSlyke Public Relations (616) 247-2747