Knoll Announces Closing of $164.0 Million Convertible Preferred Equity Investment
Knoll, Inc.Ā (NYSE: KNL) on Jul. 21 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:
- $164.0Ā millionĀ of convertible, perpetual preferred stock, which will be convertible into shares ofĀ Knoll, Inc. common stock at an initial conversion price ofĀ $16.75Ā per share.
- The preferred stock carries a 4.50% dividend, which will be payable at Knollās 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.Ā is a constellation of design-driven brands and people, working together with our clients to create inspired modern interiors.Ā Our internationally recognized portfolio includes furniture, textiles, leathers, lighting, accessories, and architectural and acoustical elements.Ā Our brands ā Knoll Office, KnollStudio, KnollTextiles, KnollExtra,Ā SpinneybeckĀ | FilzFelt,Ā Edelman Leather,Ā HOLLY HUNT, DatesWeiser, Muuto, and Fully ā reflect our commitment to modern design that meets the diverse requirements of high-performance workplaces and luxury interiors.Ā A recipient of the National Design Award for Corporate and Institutional Achievement from the Smithsonian’s Cooper-Hewitt,Ā National Design Museum,Ā Knoll, Inc.Ā is aligned with theĀ U.S. Green Building CouncilĀ and theĀ Canadian Green Building CouncilĀ and can help organizations achieve the Leadership in Energy and Environmental Design (LEED) workplace certification.Ā Our products can also help clients comply with theĀ International Living Future InstituteĀ to achieve LivingĀ Building Challenge Certification, and with theĀ International WELL Building InstituteĀ to attain WELLĀ Building Certification.Ā Ā Knoll, Inc.Ā is the founding sponsor of the World Monuments Fund Modernism at Risk program.
