Hillman closes $735M term loan to refinance debt and fund acquisitions
What's the deal? Hillman Solutions Corp. (NASDAQ: HLMN) has closed a $735 million senior secured Term Loan B alongside a $375 million asset-based revolving credit facility, refinancing its existing credit lines. The Cincinnati-based hardware provider used the proceeds mainly to refinance its existing term loan, repay outstanding revolver amounts, and cover related fees.
The terms: The Term Loan B matures in July 2033, priced at SOFR +200 basis points. The ABL revolver, currently carrying a zero balance, matures in July 2031 and is priced at SOFR +125 basis points. Pricing on both facilities is consistent with the previous credit lines.
Who's involved? Jefferies Finance acted as lead left arranger for the Term Loan B, with U.S. BankDealroom has a profile for this one. Try Dealroom →, BofA SecuritiesDealroom has a profile for this one. Try Dealroom →, PNC Capital MarketsDealroom has a profile for this one. Try Dealroom →, and Fifth Third BankDealroom has a profile for this one. Try Dealroom → as joint lead arrangers. U.S. Bank led the ABL revolver as lead arranger and administrative agent, with First Financial BankDealroom has a profile for this one. Try Dealroom → participating across both syndicates.
What's the endgame? Chief executive officer Jon Michael Adinolfi said the refinancing "meaningfully extends our debt maturity profile and enhances our financial flexibility." He added that the new capital structure "supports our long-term strategic priorities including acquisitions."
The company: Founded in 1964, Hillman supplies hardware and related products to retail, pro distribution, and industrial customers across North America. It carries more than 111,000 SKUs — fasteners, builder's hardware, project gear, and key and engraving services — backed by a field sales team of over 1,200 associates and direct-to-store distribution.
The signal: By pushing maturities out to 2033 and 2031 while holding pricing flat, Hillman locks in stability and clears room to pursue growth through acquisitions — a sign the hardware supplier is playing offence rather than simply managing its balance sheet.
Read more: Benzinga
