Hawkins enters $250 million upsized, restated five-year revolver

By Wendy Van Sickle

Columbus, Ohio, March 31 – Hawkins Inc. amended and restated its credit agreement to provide for a $250 million five-year revolving credit facility, according to a news release on Thursday.

The credit agreement restated the company’s $150 million revolver.

In addition to refinancing outstanding borrowings under the previous credit facility, Hawkins expects to use funds borrowed under the agreement for working capital, capital expenditures, acquisitions and for other general corporate purposes.

“Over the past two years, we have delivered on our growth strategy organically and through six acquisitions, all while maintaining a strong balance sheet,” said Patrick H. Hawkins, chief executive officer and president, in the release. “This additional debt capacity will further support business growth, allowing us to take advantage of key organic expansion opportunities as well as additional acquisitions.”

In addition to the new debt agreement, the company has entered into a five-year interest rate swap, locking in $60 million at a fixed rate.

Hawkins is a Roseville, Minn.-based distributor, blender and manufacturer of bulk and specialty chemicals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.