{"id":418075,"date":"2021-01-20T16:08:28","date_gmt":"2021-01-20T21:08:28","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=418075"},"modified":"2021-01-20T16:08:28","modified_gmt":"2021-01-20T21:08:28","slug":"utz-brands-announces-closing-of-term-loan-refinancing","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/utz-brands-announces-closing-of-term-loan-refinancing\/","title":{"rendered":"Utz Brands Announces Closing of Term Loan Refinancing"},"content":{"rendered":"

<\/p>\n

Utz Brands Announces Closing of Term Loan Refinancing <\/b><\/p>\n

HANOVER, Pa.–(BUSINESS WIRE<\/a>)–
\nUtz Brands, Inc. (NYSE: UTZ) (\u201cUtz\u201d or the \u201cCompany\u201d), announced today the closing of its term loan refinancing. Initially contemplated as a $310 million add-on to the existing Term Loan B due 2024, following robust investor demand, Utz placed a new $720 million Term Loan B due 2028 (the \u201cNew Term Loan\u201d), enabling the Company to extend its maturity profile and reset certain terms of its credit agreement. The New Term Loan, together with approximately $181 million in cash proceeds received from the redemption of all outstanding public warrants and forward purchase warrants, repaid in full the $490 million Bridge Credit Facility used to fund the acquisition of Truco Enterprises and the On The Border\u00ae brand, as well as refinanced the pre-existing $410 million Term Loan B due 2024.\n<\/p>\n

\nThe New Term Loan was launched at LIBOR + 350 bps \/ 0.00% Floor \/ 99.25 \u2013 99.50 OID, but with the order book multiple times oversubscribed, pricing was finalized at LIBOR + 300 bps \/ 0.00% Floor \/ 99.75 OID.\n<\/p>\n

\n\u201cThis refinancing lowers our expected cash interest costs by $3.6 million annually, lengthens the Company\u2019s maturity profile by three years, and provides our business with additional financial flexibility to support our continued long-term growth\u201d, said Cary Devore, Executive Vice President and Chief Financial Officer. \u201cWe are very pleased with this outcome and are thankful for the continued support of our banking partners and debt holders. We also welcomed a significant number of high-quality new debt holders to the Company.\u201d\n<\/p>\n

\nAs part of the refinancing, in December 2020 Utz also increased the size of its ABL revolving credit facility due 2024 from $116 million to $161 million.\n<\/p>\n

\nBank of America, Goldman Sachs and Credit Suisse acted as Joint Bookrunners and Joint Lead Arrangers on the New Term Loan. Bank of America is the Administrative Agent. Additional details on the New Term Loan may be found in the Form 8-K to be filed with the Securities and Exchange Commission.\n<\/p>\n

About Utz Brands, Inc. <\/b><\/p>\n

\nUtz manufactures a diverse portfolio of savory snacks under popular brands including Utz\u00ae, On The Border\u00ae, Zapp\u2019s\u00ae, Golden Flake\u00ae, Good Health\u00ae, Boulder Canyon\u00ae, Hawaiian\u00ae Brand, and Tortiyahs! \u00ae among others.\n<\/p>\n

\nAfter nearly a century with strong family heritage, Utz continues to have a passion for exciting and delighting consumers with delicious snack foods made from top-quality ingredients. Utz\u2019s products are distributed nationally and internationally through grocery, mass merchant, club, convenience, drug and other channels. Based in Hanover, Pennsylvania, Utz operates fourteen facilities located in Pennsylvania, Alabama, Arizona, Illinois, Indiana, Louisiana, Washington, and Massachusetts. For more information, please visit www.utzsnacks.com<\/a> or call 1-800-FOR-SNAX.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210120005628\/en\/<\/a><\/span><\/p>\n

Media Contacts
\n<\/b>
Marie Espinel, Katie Lewis or Hannah Arnold
\n
The LAKPR Group
\n
mespinel@lakpr.com<\/a>, klewis@lakpr.com<\/a> or harnold@lakpr.com <\/a><\/p>\n

Investor Contact
\n<\/b>
Kevin Powers
\n
Utz Brands, Inc.
\n
kpowers@utzsnacks.com<\/a><\/p>\n

KEYWORDS:<\/b> Pennsylvania United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Retail Supermarket Food\/Beverage<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Utz Brands Announces Closing of Term Loan Refinancing HANOVER, Pa.–(BUSINESS WIRE)– Utz Brands, Inc. (NYSE: UTZ) (\u201cUtz\u201d or the \u201cCompany\u201d), announced today the closing of its term loan refinancing. Initially contemplated as a $310 million add-on to the existing Term Loan B due 2024, following robust investor demand, Utz placed a new $720 million Term Loan B due 2028 (the \u201cNew Term Loan\u201d), enabling the Company to extend its maturity profile and reset certain terms of its credit agreement. The New Term Loan, together with approximately $181 million in cash proceeds received from the redemption of all outstanding public warrants and forward purchase warrants, repaid in full the $490 million Bridge Credit Facility used to fund the acquisition of Truco … <\/p>\n

Continue reading “Utz Brands Announces Closing of Term Loan Refinancing”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-418075","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nUtz Brands Announces Closing of Term Loan Refinancing - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/utz-brands-announces-closing-of-term-loan-refinancing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Utz Brands Announces Closing of Term Loan Refinancing - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Utz Brands Announces Closing of Term Loan Refinancing HANOVER, Pa.–(BUSINESS WIRE)– Utz Brands, Inc. (NYSE: UTZ) (\u201cUtz\u201d or the \u201cCompany\u201d), announced today the closing of its term loan refinancing. Initially contemplated as a $310 million add-on to the existing Term Loan B due 2024, following robust investor demand, Utz placed a new $720 million Term Loan B due 2028 (the \u201cNew Term Loan\u201d), enabling the Company to extend its maturity profile and reset certain terms of its credit agreement. The New Term Loan, together with approximately $181 million in cash proceeds received from the redemption of all outstanding public warrants and forward purchase warrants, repaid in full the $490 million Bridge Credit Facility used to fund the acquisition of Truco … Continue reading "Utz Brands Announces Closing of Term Loan Refinancing"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/utz-brands-announces-closing-of-term-loan-refinancing\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-20T21:08:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210120005628r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/utz-brands-announces-closing-of-term-loan-refinancing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/utz-brands-announces-closing-of-term-loan-refinancing\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Utz Brands Announces Closing of Term Loan Refinancing\",\"datePublished\":\"2021-01-20T21:08:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/utz-brands-announces-closing-of-term-loan-refinancing\\\/\"},\"wordCount\":492,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/utz-brands-announces-closing-of-term-loan-refinancing\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20210120005628r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/utz-brands-announces-closing-of-term-loan-refinancing\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/utz-brands-announces-closing-of-term-loan-refinancing\\\/\",\"name\":\"Utz Brands Announces Closing of Term Loan Refinancing - 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