Hillman Group Capital Trust Announces Cash Distributions on Trust Preferred Securities
CINCINNATI, Aug. 07, 2020 (GLOBE NEWSWIRE) -- The Hillman Companies, Inc. (“Hillman” or the “Company”), - Doug Cahill, President and CEO of The Hillman Companies, Inc., announced today that a cash distribution has been declared by Hillman Group Capital Trust for the month of August in the amount of $0.241667 for each Trust Preferred Security (NYSE-Amex: HLM_P). Additionally, the Company announced a cash distribution for the months of April 2020 through July 2020, with cumulative interest thereon, in the amount of $0.990255 for each Trust Preferred Security. Both distributions will be payable August 31, 2020 to holders of record August 24, 2020.
On April 3, 2020 the Company announced its decision to temporarily defer the payment of distributions to holders of Trust Preferred Securities to preserve liquidity due to the uncertainty of the financial impact of the COVID-19 pandemic. The Company was fully compliant with all financial covenants as of the end of the second quarter and remains compliant with the terms of its debt agreements. The Indenture that governs the Trust Preferred Securities provided for the ability to temporarily defer distributions but required that the Company accrue the amount of the deferred distributions during the deferral period.
Founded in 1964 and headquartered in Cincinnati, Ohio, Hillman is a leading North American provider of complete hardware solutions, delivered with industry best customer service to over 38,000 customers. Hillman designs innovative product and merchandising solutions for complex categories that deliver an outstanding customer experience to home improvement centers, mass merchants, national and regional hardware stores, pet supply stores, and OEM & Industrial customers. Leveraging a world-class distribution and sales network, Hillman delivers a “small business” experience with “big business” efficiency.
For more information on the Company, please visit our website at http://www.hillmangroup.com
or call Investor Relations at (513) 851-4900, ext. 68284
Released August 7, 2020