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Hillman Completes Acquisition of Paulin
- Client News
- February 19, 2013
Paul, Weiss client The Hillman Companies, Inc., an Oak Hill portfolio company and a leading distributor of fasteners, key duplication systems, engraved tags and related hardware items, closed its acquisition of all the issued and outstanding Class A common shares of H. Paulin & Co. Paulin, a Canadian publicly listed company and a leading distributor and manufacturer of fasteners, fluid system products, automotive parts, and retail hardware components.
Hillman acquired Paulin for a price per Class A common share of Cdn$27.60, representing a total enterprise value of approximately Cdn$103 million. In connection with the closing of the acquisition of Paulin, Hillman borrowed (and subsequently favorably repriced) $76.8 million of incremental senior secured term loans and mandatorily exchanged all of its previously offered $65 million aggregate principal amount of temporary notes issued under an indenture dated December 21, 2012 for Hillman's 10.875% Senior Notes due 2018 in an amount equal to the aggregate principal amount of the temporary notes.
The Paul, Weiss team serving as Hillman's U.S. and financing counsel included corporate partners Angelo Bonvino, Eric Goodison, John Kennedy and Mark Bergman and counsel Didier Malaquin; bankruptcy partner Douglas Davis; employee benefits partner Lawrence Witdorchic and counsel Maureen Riley; tax partner David Sicular; litigation partner Aidan Synnott; and real estate partner Peter Fisch.