Hillman Successfully Reprices Senior Term Loan Lowering Interest Expense [Yahoo! Finance]
Hillman Solutions Corp. (HLMN)
Company Research
Source: Yahoo! Finance
products and merchandising solutions, successfully repriced its existing $752 million Term Loan due July 14, 2028. The repricing reduces Hillman's interest rate margin by 25 basis points to SOFR + 250 basis point and successfully removes the Credit Spread Adjustment (“CSA”) of 11 basis points, based on current leverage and elections. The expected annualized interest savings are approximately $2.6 million, before one-time fees of approximately $1.4 million. Rocky Kraft, Hillman's chief financial officer commented: "The improved interest rate spread is a result of Hillman's execution and improved financial position. Since the second quarter of 2022, we have reduced our net inventories by $192 million and improved our gross debt position by $206 million. We expect to continue strengthening our balance sheet as we use our free cash flow to pay down debt throughout 2024.” Should Hillman's first lien leverage ratio, as defined by Hillman's Term Loan Credit Agreement, drop below 3.0
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HLMN
Earnings
- 2/22/24 - Beat
HLMN
Sec Filings
- 4/23/24 - Form ARS
- 4/23/24 - Form DEF
- 4/4/24 - Form PRE
- HLMN's page on the SEC website