MILLERKNOLL, INC. 8-K

What Happened
MillerKnoll, Inc. announced (Amendment No. 5 to its Credit Agreement, dated Feb 10, 2026) that it refinanced and replaced its existing 2025 Term Loan B with a new 2026 Term Loan B. At closing the new facility had outstanding borrowings of $548,625,000 and retains a maturity date of August 7, 2032. Wells Fargo Bank, N.A. acts as administrative agent and collateral agent for the Term B facilities.

Key Details

• New facility outstanding at closing: $548,625,000 (original 2025 facility initial principal was $550,000,000).
• Maturity: August 7, 2032 (same as prior Term B).
• Interest options and margins: either Term SOFR or Daily Simple SOFR + 2.00% margin, or an alternate base rate (ABR) + 1.00% margin — both margins are 25 basis points lower than under the 2025 facility.
• Prepayment: Company may generally prepay without premium (subject to customary breakage costs for SOFR-style loans); a 1.00% prepayment premium applies for certain repricing events that lower yield if they occur within six months after closing.

Why It Matters
This amendment refinances the company’s Term B debt while keeping the same long-term maturity and improving borrowing costs by reducing margins by 25 basis points. Lower margins can modestly reduce interest expense and improve cash flow, while the generally permissive prepayment terms give MillerKnoll more flexibility to manage its capital structure (with limited early repricing penalty risk in the first six months). Investors should view this as a financing optimization that preserves maturity profile and modestly lowers borrowing costs.