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Steelcase To Issue $250 Million Of Senior Notes

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.

This offering is being made pursuant to a prospectus supplement to the company's prospectus, dated June 4, 2009, filed as part of the company's effective universal shelf registration statement. Copies of the prospectus supplement and accompanying prospectus relating to the notes may be obtained by contacting the joint book-running managers:

Merrill Lynch, Pierce, Fenner & Smith Incorporated
100 West 33rd Street, 3rd Floor
New York, New York 10001
Attention: Prospectus Department
(800) 294-1322
 
or
 
J.P. Morgan Securities LLC
383 Madison Avenue New York, NY 10179
Attn: Investment Grade Syndicate Desk, 3rd floor
(212) 834-4533

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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