HHI Group closes on $100 million revolver, $200 million term loan

By Angela McDaniels

Tacoma, Wash., March 31 - HHI Group Holdings, LLC has raised $300 million of new financing, including a $100 million asset-based revolving credit facility and a $200 million term loan, according to a news release from majority shareholder KPS Capital Partners, LP.

The revolver is undrawn.

Bank of America Merrill Lynch was the arranger on the $100 million revolver, and Bank of America Merrill Lynch and Credit Suisse were the joint lead arrangers on the $200 million term loan.

The proceeds were used to refinance outstanding debt, to fund a $150 million cash distribution to stockholders and to fund the company's growth.

HHI Group manufactures forged parts for power train and wheel-end applications, wheel bearings and engine timing systems for the automotive industry. The company is based in Royal Oak, Mich.

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