MillerKnoll Inc.?s $725 Million Senior Secured Revolving Credit Facility And $400 Million Term Loan A Rated 'BB+' (Recovery Rating: '2')

TORONTO (S&P Global Ratings) April 17, 2025--S&P Global Ratings today assigned its 'BB+' issue-level rating and '2' recovery rating to MillerKnoll Inc. ?s executed bank credit facilities ($725 million senior secured revolving credit facility and $400 million term loan A) due April 2030. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a default. MillerKnoll will use the proposed term loan A proceeds to refinance its existing term loan A ($320 million outstanding as of March 1, 2025) and pay down a portion of borrowings under the existing revolving credit facility ($414 million outstanding as of March 1, 2025). The new credit facilities will have substantially the same terms as the

...April 17, 2025 TORONTO (S&P Global Ratings) April 17, 2025--S&P Global Ratings today assigned its '##+' issue-level rating and '2' recovery rating to MillerKnoll Inc.'s executed bank credit facilities ($725 million senior secured revolving credit facility and $400 million term loan A) due April 2030. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a default. MillerKnoll will use the proposed term loan A proceeds to refinance its existing term loan A ($320 million outstanding as of March 1, 2025) and pay down a portion of borrowings under the existing revolving credit facility ($414 million outstanding as of March 1, 2025). The new credit facilities will have substantially the same terms as the existing facilities. All other ratings, including the '##' issuer credit rating on MillerKnoll Inc., are unchanged. The rating outlook is stable. ISSUE RATINGS ¡ RECOVERY ANALYSIS Key analytical factors The pro forma debt structure...

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