Hawkins, Inc. increases credit facility to $250 million for
ROSEVILLE, Minn., March 31, 2022 (GLOBE NEWSWIRE) — Hawkins, Inc. (Nasdaq: HWKN), a leading specialty chemicals and ingredients company, today announced that it has entered into an amended credit agreement and which provides the Company with a $250 million revolving credit facility, replacing the Company’s current $150 million credit facility. The new agreement has a term of five years. In addition to refinancing outstanding borrowings under the previous credit facility, the Company expects to use funds borrowed under the agreement for working capital, capital expenditures, acquisitions and other general purposes. of the company.
“Over the past two years, we have executed our growth strategy organically and through six acquisitions, while maintaining a strong balance sheet,” said Patrick H. Hawkins, Chairman and Chief Executive Officer. “This additional debt capacity will further support the growth of the business, allowing us to take advantage of key organic expansion opportunities as well as additional acquisitions.”
In addition to the new debt agreement, the company entered into a five-year interest rate swap, locking in $60 million at a fixed interest rate.
About Hawkins, Inc.
Hawkins, Inc. was founded in 1938 and is a leading specialty chemical and ingredient company that formulates, distributes, blends and manufactures products for its industrial, water treatment and healthcare customers and nutrition. Headquartered in Roseville, Minnesota, with 49 locations in 24 states, the company creates value for its customers through exceptional customer service and support, quality products, and custom applications. Hawkins, Inc. generated $597 million in revenue in fiscal 2021 and has approximately 750 employees. For more information, including signing up to receive email alerts, please visit www.hawkinsinc.com/investors.
Forward-looking statements. Various statements contained in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include those relating to the uses of capital and the impacts of the additional debt capacity. These statements are not historical facts, but rather are based on our current expectations, estimates and projections, as well as our beliefs and assumptions. Forward-looking statements can be identified by words such as “anticipate”, “believe”, “may”, “could”, “expect”, “intend”, “may”, “predict”, ” should” or “shall”” or the negative form of these terms or other comparable terms. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Actual results may differ materially from those contained in forward-looking statements depending on a number of factors, including, but not limited to, our cash available for investment, our business capital requirements, as well as the availability and suitability of expansion opportunities and acquisitions. Additional information regarding potential factors that could affect future financial results is included in our Annual Report on Form 10-K for the fiscal year ended March 28, 2021, as updated from time to time in amendments and subsequent reports filed with the SEC. Investors should consider these risks when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on forward-looking statements, which reflect the views of our management only as of the date hereof. We assume no obligation to update forward-looking statements.