Hillman firms spread on $386 million term loan at Libor plus 275 bps

By Sara Rosenberg

New York, Dec. 16 - Hillman Group Inc. set pricing on its $386.4 million term loan B due May 28, 2017 at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.

As before, the loan has a 1% Libor floor, a par offer price and 101 soft call protection for six months.

Recommitments were due at noon ET on Monday, the source said.

Barclays, GE Capital Markets and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Proceeds will be used to reprice an existing term loan from Libor plus 300 bps with a 1.25% Libor floor.

Senior secured leverage is 3.1 times and total leverage is 6.2 times.

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

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