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.
|Merrill Lynch, Pierce, Fenner & Smith Incorporated|
|100 West 33rd Street, 3rd Floor|
|New York, New York 10001|
|Attention: Prospectus Department|
|J.P. Morgan Securities LLC|
|383 Madison Avenue New York, NY 10179|
|Attn: Investment Grade Syndicate Desk, 3rd floor|