Hillman closes $1.11B credit facility refinancing

Hillman Solutions Corp. (Nasdaq: HLMN) announced the closing of a refinancing of its existing credit facilities, consisting of a $735 million senior secured Term Loan B and a $375 million asset-based revolving credit facility (ABL Revolver).

Proceeds from the Term Loan B were primarily used to refinance the company's existing term loan, repay amounts outstanding under its existing revolving credit facility, and pay related fees and expenses.

The Term Loan B matures in July 2033 and is priced at SOFR plus 200 basis points. The ABL Revolver, which currently carries a zero balance, matures in July 2031 and is priced at SOFR plus 125 basis points. The company said pricing on both facilities is consistent with its previous credit arrangements.

"This refinancing meaningfully extends our debt maturity profile and enhances our financial flexibility," said Jon Michael Adinolfi, Chief Executive Officer of Hillman. "It reflects the continued strength of our business and positions us well to invest in our core operations and pursue value-creating growth opportunities."

Jefferies Finance LLC acted as Lead Left Arranger for the Term Loan B, with U.S. Bank, BofA Securities, PNC Capital Markets LLC, and Fifth Third Bank acting as Joint Lead Arrangers. First Financial Bank also participated in the syndicate. U.S. Bank acted as lead arranger and administrative agent for the ABL Revolver, with Bank of America, PNC Bank, and Fifth Third Bank serving as Joint Lead Arrangers.

Hillman, headquartered in Cincinnati, is a hardware products distributor serving retail, professional distribution, and industrial customers across North America.

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