Hillman reprices $752M term loan, cuts interest margin by 25 bps to SOFR+250

Hillman Solutions Corp.

Expected annualized interest savings of ~$2.6M before one-time fees of ~$1.4M.
Removed the 11 bps Credit Spread Adjustment; rate now SOFR + 250 bps based on current leverage.
Since Q2 2022 reduced net inventories by $192M and gross debt by $206M.
Further 25 bps reduction to 225 bps if first lien leverage ratio falls below 3.0x.
S&P upgraded issuer credit rating to 'BB' from 'BB-'; Moody's affirmed 'B1' with stable outlook.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Hillman Solutions Corp. amended Second Term Loan Amendment with Jefferies Finance LLC (effective 2024-03-26).

Action: amendment
Agreement: credit facility
Counterparty: Jefferies Finance LLC
Effective: 2024-03-26

Exact text from the filing

On March 26, 2024, Hillman Solutions Corp.’s (the “ Company ”) wholly‐owned subsidiaries, The Hillman Companies, Inc., (“ Holdings ”) and The Hillman Group, Inc. (the “ Borrower ”), entered into Amendment No. 2 to the existing term loan credit agreement (the “ Second Term Loan Amendment ”) with Jefferies Finance LLC, as administrative agent, to make certain changes to reduce the Applicable Rate of the term loan by 25 bps and eliminate the Term SOFR Adjustment

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Hillman Solutions Corp. filing history →

Source: SEC EDGAR

accession 0001822492-24-000059

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