PNC Bank, National Association leads revolving and term loan credit facility for US$500,000,000 in favour of Haworth

April 3, 2014

Client: PNC Bank Nation Association


On April 3, 2014, Haworth, Inc., as U.S. Borrower and Haworth, Ltd., as Canadian Borrower, entered into senior secured credit facility in the principal amount of US$500,000,000. The facility is comprised of a revolving facility in the amount of US$150,000,000, a U.S. term loan in the amount of US$34,000,000, a Canadian term loan in the amount of US$40,000,000 and a delayed draw commitment of US$276,000,000. The facilities are agented by PNC Bank, National Association.

Haworth, based in Michigan, USA was founded in 1948 by the Haworth family; the company is still privately held, 100% by the Haworth family. Haworth is a worldwide leader in the research, design and manufacture of flexible and sustainable workspaces. In 2013, Haworth recorded $1.4 billion in revenues, with approximately 6,000 employees and over 600 dealers worldwide.

The Agent was represented in Canada by Norton Rose Fulbright Canada LLP with a team consisting of Arnold Cohen and Amanda Fortuna.