Hawkins expands credit line to $400.0 million, draws $150 million for WaterSurplus deal
On April 25, 2025, Hawkins amended its credit agreement with U.S. Bank and other lenders to provide senior secured revolving credit facilities totaling $400.0 million, maturing April 25, 2030. The company drew approximately $150 million to acquire substantially all assets of Surplus Management, Inc. dba WaterSurplus, and the facility is secured by substantially all of its personal property, which shareholders should weigh as added debt.
Key points
- Second amendment dated April 25, 2025, with U.S. Bank as administrative agent; revolving facilities total $400.0 million
- Approximately $150 million drawn to acquire substantially all assets of Surplus Management, Inc. dba WaterSurplus
- Facility matures April 25, 2030; Term SOFR margin of 1.0% to 1.85% based on leverage ratio
- Covenants require minimum fixed charge coverage of 1.15 to 1.00 and maximum leverage of 3.5 to 1.0, up to 4.0 to 1.0 after certain permitted acquisitions
The filing
Written by AI on Nov 8, 2026, 1:49 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 30, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.