Hillman Group to pay down revolver debt with senior notes proceeds

By Sara Rosenberg

New York, March 11 - Hillman Group Inc. plans on repaying a portion of its revolving credit facility borrowings with proceeds from a $50 million add-on 10 7/8% senior notes offering, according to a market source.

Remaining proceeds will be used to fund the acquisition of TagWorks LLC, a provider of a pet ID tag program, for $40 million in cash.

Closing on the notes and the acquisition is expected to take place on March 16.

Hillman is a Cincinnati-based distributor of SKUs, consisting of fasteners, key duplication systems, engraved tags and related hardware items.

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