Banking Recap

Credit Facility Announced for $1.11B

The Hillman Group, Inc., a wholly-owned subsidiary of Hillman Solutions Corp. (Nasdaq: HLMN) and a provider of hardware and related products including fasteners, builder's and door hardware, and key duplication and engraving services, closed a refinancing of its existing credit facilities on July 22, 2026. The refinancing consists of a new $735.0 million senior secured Term Loan B and a new $375.0 million asset-based revolving credit facility (ABL Revolver), together totaling the disclosed $1,110,000,000 aggregate value. The transaction was disclosed in a Form 8-K filed with the SEC on July 22, 2026 under Items 1.01 and 9.01, with the Term Loan Credit Agreement and ABL Credit Agreement filed as Exhibits 10.1 and 10.2, respectively.

Deal value

The Term Loan B was established under a Term Credit Agreement among The Hillman Companies, Inc. ("Holdings"), The Hillman Group, Inc. (the "Borrower"), and Jefferies Finance LLC as administrative agent. Proceeds were used to refinance in full and terminate all outstanding term loans and commitments under the Borrower's existing term loan credit agreement dated July 14, 2021 (the "Original Term Credit Agreement," also with Jefferies Finance LLC as administrative agent), to refinance in full and terminate the existing asset-based revolving credit agreement dated May 31, 2018 (the "Original ABL Credit Agreement," with Barclays Bank PLC as administrative agent), and to pay related fees and expenses. The Term Loan B is priced, at the Borrower's option, at SOFR plus a margin of 2.00% or ABR plus a margin of 1.00%, consistent with pricing on the prior facility, and matures July 22, 2033. The agreement contains no financial maintenance covenants. The term loans are guaranteed by Holdings and, subject to exceptions, the Borrower's material wholly-owned domestic subsidiaries, and are secured by substantially all assets of the Borrower and the guarantors. Jefferies Finance LLC acted as Lead Left Arranger, with U.S. Bank, BofA Securities, PNC Capital Markets LLC, and Fifth Third Bank, N.A. as Joint Lead Arrangers and First Financial Bank also participating in the syndicate.

The ABL Revolver was established under a separate ABL Credit Agreement among Holdings, the Borrower, The Hillman Group Canada ULC (the "Canadian Borrower"), and U.S. Bank National Association as administrative agent, providing aggregate senior secured revolving commitments of $375.0 million, of which $325.0 million is available to the Borrower and $50.0 million to the Canadian Borrower, subject to a borrowing base. As of the closing date the facility had a zero balance. Pricing for revolving loans is, at the Borrower's option, SOFR (or Term CORRA for Canadian dollar loans) plus a margin ranging from 1.25% to 1.50% per annum based on availability, or an alternate base rate (or Canadian prime rate for Canadian dollar loans) plus a margin of 0.25% to 0.50% based on availability; this pricing is also consistent with the prior ABL facility. The facility matures July 22, 2031. Unlike the Term Loan B, the ABL Credit Agreement contains a springing financial covenant: during any "Covenant Trigger Period" (commencing when availability falls below the greater of 10% of the facility's Line Cap or $30.0 million, and continuing until availability has exceeded that threshold for 30 consecutive days), the Fixed Charge Coverage Ratio must not be less than 1.00:1.00. The ABL facility is guaranteed by Holdings and, subject to exceptions, the Borrower's wholly-owned domestic subsidiaries, and is secured by substantially all assets of the Borrower and guarantors, plus, in the case of the Canadian Borrower, its and its wholly-owned Canadian subsidiary's assets. U.S. Bank acted as lead arranger and administrative agent, with Bank of America, N.A., PNC Bank N.A., and Fifth Third Bank, N.A. as Joint Lead Arrangers and First Financial Bank also participating.

Thompson Hine LLP is identified in both credit agreements as special counsel to the Loan Parties (the Borrower and guarantors), delivering closing legal opinions. Davis Polk & Wardwell LLP is listed as counsel to be copied on notices to the administrative agents under both agreements. The ABL Credit Agreement additionally identifies Stikeman Elliott LLP and MLT Aikins LLP as local Canadian counsel to the Loan Parties in connection with the Canadian Borrower provisions.

Subsequent to this closing, on August 28, 2026, the Borrower and Holdings entered into a First Amendment to the Term Credit Agreement, disclosed in an 8-K filed September 3, 2026, that provided for an additional $200.0 million of senior secured term loans on the same pricing (SOFR+200bps/ABR+100bps) and maturity (July 22, 2033) terms as the original Term Loan B. Proceeds of the Additional Term Loans, together with cash on hand and revolver borrowings, were used to help fund the Company's approximately $315 million acquisition of Kanebridge, LLC, which closed the same day. This upsizing is a separate, later amendment and is not included in the $1,110,000,000 aggregate value of the original July 22, 2026 refinancing described above.

The deal has closed. No further disclosed material terms beyond those above were identified; the original 8-K does not break out upfront or commitment fees, pricing-grid thresholds for the Term Loan B (it carries a flat, non-grid margin), or the specific borrowing-base formula components for the ABL facility.

Advisors

creditors

Jefferies Finance LLCadministrative agentview source →

“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.”

U.S. Bank National Associationadministrative agentview source →

“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.”

Legal advisors

borrower/loan parties (Canadian local counsel, ABL facility)

MLT Aikins LLP

“The Administrative Agent (or its counsel) shall have received a favorable customary written opinion of (i) Thompson Hine LLP, in its capacity as special counsel for the Loan Parties and (ii) each of Stikeman Elliott LLP and MLT Aikins LLP, as local Canadian counsel for the Loan Parties, in each case, dated the Closing Date, addressed to the Administrative Agent and the Lenders.”

Stikeman Elliott LLP

borrower/loan parties

Thompson Hine LLP

“The Administrative Agent (or its counsel) shall have received a favorable customary written opinion of Thompson Hine LLP, in its capacity as special counsel for the Loan Parties, in each case, dated the Closing Date, addressed to the Administrative Agent and the Lenders.”

administrative agent / lenders

Davis Polk & Wardwell LLP

“With a copy to (which shall not constitute notice to the Administrative Agent): Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 Attention: Kenneth Steinberg”

Treasury yields

3-Month4.25%

2-Year4.81%

10-Year5.13%

30-Year5.42%

Source: U.S. Treasury, daily par yield curve · as of 10/21/2026