Business Context and Reporting Period
Company: MillerKnoll, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: August 7, 2025
Event: Entry into a Material Definitive Agreement (Amendment No. 4 to Credit Agreement).
Key Financial Metrics
This filing details a refinancing transaction rather than operational performance metrics. Revenue, profit, cash flow, and margins are not reported in this document.
| Metric | Value |
|---|---|
| Total Senior Facilities (Post-Amendment) | $1,675.0 million |
| Refinanced Term Loan B Facility | $550.0 million |
| Existing Term Loan B Facility (Repaid) | $625.0 million |
| Pro Rata Facilities (Term Loan A + Revolver) | $1,125.0 million ($400.0m + $725.0m) |
| Interest Rate Margin (RFR Loans) | 2.25% (initially) |
| Interest Rate Margin (ABR Loans) | 1.25% (initially) |
| Maturity Date | Seven-year anniversary of Closing Date (August 2032) |
Material Changes Versus Prior Period
- Debt Reduction: The aggregate principal amount of the Term Loan B facility was reduced from $625.0 million to $550.0 million, resulting in a net reduction of total senior facilities from $1,750.0 million to $1,675.0 million.
- Agent Change: Wells Fargo Bank, National Association replaced Goldman Sachs Bank USA as the administrative agent for the Term Loan B facility and collateral agent.
- Extension: The Term Loan B facility maturity was extended to seven years from the closing date.
- Amortization: The new facility requires quarterly amortization of 0.25% of the initial principal amount, commencing December 31, 2025.
Guidance, Outlook, and Risks
Management Commentary: The filing states that proceeds from the new Term Loan B facility were used to repay the existing facility and pay related fees and expenses. No forward-looking guidance on revenue or earnings is provided in this report.
Risks and Contingencies:
- Prepayment Penalties: A 1.00% prepayment premium applies if the company prepays the facility within the first six months following a "repricing event" that results in a lower yield.
- Variable Interest Rates: Borrowings bear interest based on Term SOFR/Daily Simple SOFR or Daily SONIA plus a margin that varies based on the company's first lien secured net leverage ratio.
- Collateral: The Senior Facilities are secured by substantially all assets of the Company and subsidiary guarantors.
Investor Verification Checklist
- Verify the exact closing date and effective date of the Amendment No. 4 in the full exhibit (Exhibit 4.1).
- Confirm the current "first lien secured net leverage ratio" to determine if the initial interest margins (2.25%/1.25%) remain applicable or if they have adjusted.
- Review the specific definition of "repricing events" in the Credit Agreement to assess prepayment flexibility risks.
- Check subsequent filings for the actual cash outflow related to fees and expenses paid at closing.