Business Context and Reporting Period
Company: MillerKnoll, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: September 10, 2025
Event: Entry into a Material Definitive Agreement regarding a new financing facility.
Key Financial Metrics and Facility Details
This filing does not report operational financial metrics such as revenue, profit, or cash flow. It details the establishment of a new financing arrangement:
- Facility Type: Three-year accounts receivable securitization facility.
- Aggregate Amount: Up to $90.0 million.
- Interest Rate: Daily One Month Term SOFR plus an applicable margin of 1.075%.
- Termination Date: September 8, 2028.
- Use of Proceeds: General working capital purposes.
- Structure: Borrowings are made by a bankruptcy-remote subsidiary (MillerKnoll Receivables, LLC) secured by accounts receivables sold by the Company and its subsidiaries.
Material Changes Versus Prior Period
The filing does not provide comparative financial data or discuss changes in operational performance versus prior periods. The material change reported is the execution of the new $90.0 million securitization facility, which adds a new source of liquidity and a direct financial obligation to the Company's capital structure.
Guidance, Outlook, Risks, and Contingencies
Management Commentary: The Company entered into this facility to support general working capital needs. Wells Fargo Bank, National Association serves as the administrative agent and a lender.
Risks and Contingencies:
- Covenants and Defaults: The agreements contain customary affirmative and negative covenants, indemnification provisions, and events of default.
- Acceleration: Certain events may trigger the termination of the Facility and the acceleration of payment obligations.
- Guarantees: The Company has provided a Performance Undertaking guaranteeing the performance of the Originators and Servicer, but explicitly does not guarantee the collectibility of the Receivables or the creditworthiness of the obligors.
Important Facts for Investor Verification
- Verify the specific terms of the "borrowing base availability" which limits actual advances under the $90.0 million facility.
- Review the full text of the Credit and Security Agreement (Exhibit 4.1) for detailed negative covenants and events of default.
- Confirm the impact of the 1.075% margin over SOFR on the Company's future interest expense relative to existing debt.
- Assess the extent of receivables pledged to the facility versus the Company's total accounts receivable balance.