Hillman Solutions, a provider of hardware and related products, closed the refinancing of its existing credit facilities, consisting of a new $735 million senior secured term loan B and a $375 million asset-based revolving credit facility.
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 currently priced at SOFR +200 basis points. The ABL revolver, which currently has a zero balance, matures in July 2031 and is currently priced at SOFR +125 basis points. The pricing of both the term loan B and the ABL revolver are consistent with the previous credit facilities.
“This refinancing meaningfully extends our debt maturity profile and enhances our financial flexibility,” Jon Michael Adinolfi, CEO of Hillman, said. “It reflects the continued strength of our business and positions us well to invest in our core operations and pursue value-creating growth opportunities. These transactions give us a capital structure that supports our long-term strategic priorities including acquisitions.”
Jefferies Finance acted as lead left arranger for the term loan B with U.S. Bank, BofA Securities, PNC Capital Markets and Fifth Third Bank acting as Joint Lead Arrangers, and First Financial Bank also participating 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 acting as joint lead arrangers, and First Financial Bank also participating in the syndicate.
