Utz Brands Announces Closing of Term Loan Refinancing
Utz Brands, Inc. (NYSE: UTZ) has successfully closed a $720 million Term Loan B refinancing, extending its maturity to 2028. This new financing, driven by strong investor demand, will lower the Company’s cash interest costs by $3.6 million annually and enhance financial flexibility for growth. The new loan, combined with approximately $181 million from warrant redemptions, has fully repaid a $490 million Bridge Credit Facility and refinanced a previous $410 million Term Loan B. The increase in Utz's ABL revolving credit facility to $161 million further supports this refinancing strategy.
- Successfully refinanced with a new $720 million Term Loan B due 2028.
- Lowered expected cash interest costs by $3.6 million annually.
- Extended debt maturity profile by three years.
- Enhanced financial flexibility for long-term growth.
- None.
Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), announced today the closing of its term loan refinancing. Initially contemplated as a
The New Term Loan was launched at LIBOR + 350 bps /
“This refinancing lowers our expected cash interest costs by
As part of the refinancing, in December 2020 Utz also increased the size of its ABL revolving credit facility due 2024 from
Bank 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.
About Utz Brands, Inc.
Utz manufactures a diverse portfolio of savory snacks under popular brands including Utz®, On The Border®, Zapp’s®, Golden Flake®, Good Health®, Boulder Canyon®, Hawaiian® Brand, and Tortiyahs! ® among others.
After 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’s 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 or call 1-800-FOR-SNAX.
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FAQ
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