Hillman Solutions (Nasdaq: HLMN) extends $735M term loan to 2033, $375M revolver to 2031
Rhea-AI Filing Summary
Hillman Solutions Corp. refinanced its existing credit facilities by entering into a new $735.0 million senior secured Term Loan B and a $375.0 million asset-based revolving credit facility. Proceeds from the term loan were used to repay the prior term loan and revolving credit facility and to pay related fees and expenses.
The Term Loan B matures on July 22, 2033, bears interest at the borrower’s option at SOFR + 2.00% or ABR + 1.00%, and is guaranteed and secured by substantially all assets of the borrower, its parent and material domestic subsidiaries. The new ABL revolver provides $325.0 million of availability to the U.S. borrower and $50.0 million to the Canadian borrower, subject to a borrowing base, matures on July 22, 2031, and is priced at SOFR or CORRA plus 1.25%–1.50%, or alternate base rates plus 0.25%–0.50%. The term loan facility has no financial maintenance covenants. Management stated that this refinancing “meaningfully extends” Hillman’s debt maturity profile and “enhances” financial flexibility.
Positive
- $735M Term Loan B and $375M ABL refinancing moves major debt maturities to 2033 and 2031, which management says “meaningfully extends” Hillman’s debt maturity profile and enhances financial flexibility.
Negative
- None.
Filing Explained
The July 22 refinancing is complete: the new
8-K Event Classification
2 items: 1.01, 9.01
2 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
New Term Loan B: $735.0 million
ABL Revolving Commitments: $375.0 million
Term Loan B Margin: SOFR + 2.00% or ABR + 1.00%
+5 more
8 metrics
New Term Loan B
$735.0 million
Size of senior secured term loan facility under the Term Credit Agreement
ABL Revolving Commitments
$375.0 million
Aggregate senior secured revolving commitments under the ABL Credit Agreement
Term Loan B Margin
SOFR + 2.00% or ABR + 1.00%
Interest rate options for term loans under the new Term Credit Agreement
ABL Revolver Margin
SOFR/CORRA + 1.25%–1.50%
Floating-rate margin range on ABL revolving loans based on availability
Term Loan B Maturity
July 22, 2033
Stated maturity date of the initial term loans
ABL Revolver Maturity
July 22, 2031
Stated initial maturity date of revolving credit commitments
Borrower ABL Availability
$325.0 million
Portion of ABL commitments available to the U.S. Borrower, subject to a borrowing base
Canadian Borrower ABL Availability
$50.0 million
Portion of ABL commitments available to the Canadian Borrower, subject to a borrowing base
Key Terms
Term Loan B, asset-based revolving credit facility, SOFR, Term Canadian Overnight Repo Rate Average ("CORRA"), +2 more
6 terms
Term Loan B financial
"a new $735 million senior secured Term Loan B ("Term Loan B")"
A Term Loan B (TLB) is a large, syndicated loan made to a company that is typically sold to institutional investors rather than held by banks; think of it as a long-term mortgage from a group of investors with higher interest and smaller early payments. It matters to investors because it changes a company’s debt cost, repayment schedule and credit risk—factors that affect profit, cash flow and the market value of both the company’s equity and its traded debt.
asset-based revolving credit facility financial
"a $375 million asset-based revolving credit facility ("ABL Revolver")"
A loan arrangement where a lender agrees to make funds available up to a set limit that a borrower can draw, repay, and draw again, with the amount available tied to the value of specific assets (like inventory, receivables, or equipment) pledged as collateral. It matters to investors because it provides flexible working capital while limiting risk exposure: the company can fund growth or cover shortfalls quickly, but borrowing capacity can shrink if asset values fall.
SOFR financial
"The Term Loan B matures in July 2033 and is currently priced at SOFR +200 basis points."
The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.
Term Canadian Overnight Repo Rate Average ("CORRA") financial
"SOFR (or Term Canadian Overnight Repo Rate Average ("CORRA") in the case of Canadian Dollar loans)"
borrowing base financial
"in each case, subject to a borrowing base."
A borrowing base is the amount a lender will allow a company to borrow based on the value of assets the company offers as security, typically things like accounts receivable and inventory. It matters to investors because it sets a practical ceiling on short-term financing and influences a company’s liquidity and risk: if the borrowing base falls, the company may lose access to cash or be forced to sell assets, which can affect operations and share value.
financial maintenance covenants financial
"and does not contain any financial maintenance covenants."
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What refinancing did Hillman Solutions (HLMN) complete on July 22, 2026?
Hillman completed a refinancing that put in place a new $735.0 million Term Loan B and a $375.0 million asset-based revolving credit facility. Term loan proceeds refinanced the prior term loan, repaid the old revolver and covered related fees and expenses.
What are the sizes and borrowers under Hillman (HLMN)'s new credit facilities?
The new senior secured term loan totals $735.0 million. The new ABL revolver totals $375.0 million, with $325.0 million available to the U.S. borrower and $50.0 million available to the Canadian borrower, each subject to a borrowing base.
What are the interest rates and maturities on Hillman (HLMN)'s Term Loan B and ABL revolver?
The Term Loan B matures on July 22, 2033 and is priced at SOFR + 2.00% or ABR + 1.00%. The ABL revolver matures on July 22, 2031 and is priced at SOFR or CORRA plus 1.25%–1.50%, or alternate base rates plus 0.25%–0.50%.
How will Hillman Solutions (HLMN) use its new ABL revolving credit facility?
The ABL facility will be used to finance working capital needs, for general corporate purposes, and to pay related fees and expenses. The company notes that the ABL revolver currently has a zero balance and is available subject to a borrowing base.
What collateral and guarantees back Hillman (HLMN)'s new credit agreements?
The Term Loan B and ABL facilities are senior secured and guaranteed by Hillman’s holding company and, with certain exceptions, its material wholly owned domestic subsidiaries. They are secured by substantially all of the borrower and guarantors’ assets, plus specified Canadian assets for the Canadian borrower.
Does Hillman (HLMN)'s new Term Loan B include financial maintenance covenants?
The new Term Loan B facility does not contain financial maintenance covenants. It otherwise includes customary representations, warranties, covenants and events of default typical for facilities of this type, according to the company’s disclosure.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (513 ) 851-4900
Former name or former address
Check the appropriate box below if the Form 8−K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a−12 under the Exchange Act (17 CFR 240.14a−12) | |||||
| Pre−commencement communications pursuant to Rule 14d−2(b) under the Exchange Act (17 CFR 240.14d−2(b)) | |||||
| Pre−commencement communications pursuant to Rule 13e−4(c) under the Exchange Act (17 CFR 240.13e− 4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 | Entry into a Material Definitive Agreement. | ||||
On July 22, 2026, Hillman Solutions Corp.’s (the “Company”) wholly‑owned subsidiaries, The Hillman Companies, Inc., (“Holdings”) and The Hillman Group, Inc. (the “Borrower”), announced that it completed its previously announced refinancing of the Borrower’s existing Term Loan B and asset based revolving credit facility. A copy of the press release is attached hereto as Exhibit 99.1.
On July 22, 2026, the Borrower and Holdings entered into a new term loan credit agreement with Jefferies Finance LLC, as administrative agent, and the lenders and other parties thereto (the “Term Credit Agreement”), which provided for a new senior secured term loan facility of $735.0 million.
Also on July 22, 2026, the Borrower and The Hillman Group Canada ULC, a wholly-owned subsidiary of the Borrower (the “Canadian Borrower”), also entered into a new asset-based revolving credit agreement with U.S. Bank National Association, as administrative agent, and the lenders and other parties thereto (the “ABL Credit Agreement”), which provides for aggregate senior secured revolving commitments of $375.0 million.
Term Credit Agreement
The proceeds of the senior secured term loans under the Term Credit Agreement were used to (1) refinance in full all outstanding term loans and to terminate all outstanding commitments under the existing term loan credit agreement, dated July 14, 2021, as amended, among Holdings, the Borrower, the other parties party thereto and Jefferies Finance LLC, as administrative agent (the “Original Term Credit Agreement”), as a result of which the Original Term Credit Agreement is no longer in effect, (2) refinance in full all outstanding revolving credit loans and to terminate all outstanding commitments under the existing asset-based revolving credit agreement, dated as of May 31, 2018, as amended, among Holdings, the Borrower, and the Canadian Borrower, the other parties party thereto and Barclays Bank, PLC, as administrative agent (the “Original ABL Credit Agreement”), as a result of which the Original ABL Credit Agreement is no longer in effect; and (3) pay fees, costs and expenses related to the foregoing.
The Term Credit Agreement contains usual and customary representations and warranties, covenants and events of default customary for facilities of this type and does not contain any financial maintenance covenants. Pricing for all term loans are at the Borrower’s option either SOFR plus a margin of 2.00% or ABR plus a margin of 1.00%. The stated maturity date of the initial term loans under the Term Credit Agreement is July 22, 2033. The term loans and other amounts outstanding under the Term Credit Agreement and related documents are guaranteed by Holdings, the immediate parent of the Borrower, and, subject to certain exceptions, the Borrower’s material wholly-owned domestic subsidiaries and are secured by substantially all of the Borrower’s and the guarantors’ assets.
ABL Credit Agreement
The proceeds of the senior secured revolving loans under the ABL Credit Agreement will be used from time to time to finance working capital needs, for general corporate purposes, and to pay fees, costs and expenses related to
the foregoing. The ABL Credit Agreement contains usual and customary representations and warranties, covenants and events of default customary for facilities of this type. $325.0 million of the revolving credit facilities under the ABL Credit Agreement is available to the Borrower and $50.0 million of the revolving credit facilities under the ABL Credit Agreement is available to the Canadian Borrower, in each case, subject to a borrowing base. Pricing for revolving credit loans under the ABL Credit Agreement are at the Borrower’s option either SOFR (or Term Canadian Overnight Repo Rate Average (“CORRA”) in the case of Canadian Dollar loans) plus a margin varying from 1.25% to 1.50% per annum based on availability or an alternate base rate (or a Canadian prime rate or alternate base rate in the case of Canadian Dollar loans) plus a margin varying from 0.25% to 0.50% per annum based on availability. The stated initial maturity date of the revolving credit commitments under the ABL Credit Agreement is July 22, 2031. The loans and other amounts outstanding under the ABL Credit Agreement and related documents are guaranteed by Holdings and, subject to certain exceptions, the Borrower’s wholly-owned domestic subsidiaries and are secured by substantially all of the Borrower’s and the guarantors’ assets plus, solely in the case of the Canadian Borrower, its and its wholly-owned Canadian subsidiary’s assets, which has guaranteed by the Canadian portion under the ABL Credit Agreement.
The foregoing descriptions of the Term Credit Agreement and the ABL Credit Agreement do not purport to be complete and is qualified in its entirety by the terms and conditions of the Term Credit Agreement and ABL Credit Agreement, copies of which are attached hereto as Exhibit 10.1 and Exhibit 10.2 and are incorporated herein by reference.
The press release announcing the Term Credit Agreement and the ABL Credit Agreement is furnished as Exhibit 99.1 to this Current Report on Form 8-K. Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits.
10.1 Term Loan Credit Agreement, dated as of July 22, 2026, by and among The Hillman Companies, Inc., The Hillman Group, Inc., the financial institutions party thereto as Lenders, and Jefferies Finance LLC, as administrative agent.
10.2 ABL Credit Agreement, dated as of July 22, 2026, by and among The Hillman Companies, Inc., The Hillman Group, Inc., The Hillman Group Canada ULC, the financial institutions party thereto as Lenders and Issuing Banks, and U.S. Bank National Association, as administrative agent.
99.1 Press Release Announcing Term Loan Repricing, dated July 22, 2026.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.
| Date: July 22, 2026 | Hillman Solutions Corp. | ||||||||||
By: | /s/ Robert O. Kraft | ||||||||||
Name: | Robert O. Kraft | ||||||||||
Title: | Chief Financial Officer | ||||||||||
Hillman Announces Closing of $735 Million Term Loan B and $375 Million ABL Revolving Credit Facility
Successfully extends Term Loan B maturity to 2033 and ABL maturity to 2031
CINCINNATI, Ohio – July 22, 2026 – Hillman Solutions Corp. (Nasdaq: HLMN) (the "Company", “Hillman Group”, or "Hillman"), a leading provider of hardware and related products, announced the closing of the refinancing of its existing credit facilities, consisting of a new $735 million senior secured Term Loan B ("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 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,” 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. These transactions give us a capital structure that supports our long-term strategic priorities including acquisitions."
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, N.A. 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, N.A., PNC Bank N.A., and Fifth Third Bank, N.A. acting as Joint Lead Arrangers, and First Financial Bank also participating in the syndicate.
About Hillman Solutions Corp.
Founded in 1964 and headquartered in Cincinnati, Hillman is a leading provider of hardware and related products serving retail, pro distribution, and industrial MRO customers. Over the last 60-plus years, Hillman has built a legacy of service and growth by forming strategic partnerships with North America's leading home
improvement, hardware, and farm and fleet retailers. Hillman differentiates itself from the competition with its dedicated field sales team of 1,200+ associates, direct-to-store distribution capabilities, and world class global sourcing and supply chain expertise. The company offers an extensive product portfolio of more than 111,000 SKUs, including fasteners (power screws, nuts, bolts), hardware (builder's hardware, door hardware, rope & chain, accessories), project gear & supplies (gloves, work gear, paint & cleaning sundries), and key and engraving services (key duplication, auto keys, and engraving). Hillman is committed to delivering exceptional customer service, innovative products, and dependable solutions to its customers and regularly earns vendor of the year recognition from top customers. For more information on Hillman, visit www.hillman.com.
Forward-Looking Statements
All statements made in this press release that are considered to be forward-looking are made in good faith by the Company and are intended to qualify for the safe harbor from liability established by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. You should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," “target”, “goal”, "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and statements relating to the Transaction, which may not be consummated on the terms described in this press release, or at all. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) unfavorable economic conditions that may affect our and our customers’, suppliers’ and other business partners’ operations, financial condition and cash flows including spending on home renovation or construction projects, inflation, recessions, instability in the financial markets or credit markets; (2) increased supply chain costs, including tariffs, raw materials, sourcing, transportation and energy; (3) the highly competitive nature of the markets that we serve; (4) the ability to continue to innovate with new products and services; (5) seasonality; (6) large customer concentration; (7) the ability to recruit and retain qualified employees; (8) the outcome of any legal proceedings that may be instituted against the Company; (9) adverse changes in currency exchange rates; or (10) regulatory changes and potential legislation that could adversely impact financial results. The foregoing list of factors is not exclusive, and readers should also refer to those risks that are included in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K filed on February 17, 2026. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements.
Except as required by applicable law, the Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this communication to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Contact:
Michael Koehler
Vice President – Corporate Development, Investor Relations, Treasury
513-826-5495
IR@hillmangroup.com