Knoll Announces Closing of $164.0 Million Convertible Preferred Equity Investment
21 July 2020 - 9:25PM
Knoll, Inc. (NYSE: KNL) today announced the closing of the
previously announced purchase of $164.0 million in
convertible preferred stock by an independently managed subsidiary
of Investindustrial VII L.P.
As previously announced, transaction terms follow:
- $164.0 million of convertible, perpetual preferred
stock, which will be convertible into shares of Knoll, Inc.
common stock at an initial conversion price of $16.75 per
share.
- The preferred stock carries a 4.50% dividend, which will be
payable at Knoll’s option in cash or in-kind for the first 2 years
and payable in cash thereafter.
Knoll expects to use the net proceeds from the transaction for
general corporate purposes, including to reduce outstanding
borrowings under its credit facility.
About Knoll
Knoll, Inc. is a constellation of design-driven
brands and people, working together with our clients to create
inspired modern interiors. Our internationally recognized
portfolio includes furniture, textiles, leathers, lighting,
accessories, and architectural and acoustical elements. Our
brands — Knoll Office, KnollStudio, KnollTextiles, KnollExtra,
Spinneybeck | FilzFelt, Edelman Leather, HOLLY HUNT, DatesWeiser,
Muuto, and Fully — reflect our commitment to modern design that
meets the diverse requirements of high-performance workplaces and
luxury interiors. A recipient of the National Design Award
for Corporate and Institutional Achievement from the Smithsonian's
Cooper-Hewitt, National Design Museum, Knoll, Inc. is aligned with
the U.S. Green Building Council and the Canadian Green Building
Council and can help organizations achieve the Leadership in Energy
and Environmental Design (LEED) workplace certification. Our
products can also help clients comply with the International Living
Future Institute to achieve Living Building Challenge
Certification, and with the International WELL Building Institute
to attain WELL Building Certification. Knoll, Inc. is the
founding sponsor of the World Monuments Fund Modernism at Risk
program.
Investors:
Charles Rayfield Senior Vice President and Chief Financial
OfficerTel 215 679-1703crayfield@knoll.com
Media:
David E. BrightSenior Vice President, CommunicationsTel 212
343-4135dbright@knoll.com
Knoll (NYSE:KNL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Knoll (NYSE:KNL)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Knoll Inc (New York Stock Exchange): 0 recent articles
More News Articles