HANOVER, Pa.–(Small business WIRE)–Jan 20, 2021–
Utz Makes, Inc. (NYSE: UTZ) (“Utz” or the “Company”), declared today the closing of its time period mortgage refinancing. At first contemplated as a $310 million include-on to the existing Time period Bank loan B owing 2024, following strong investor demand from customers, Utz put a new $720 million Phrase Bank loan B thanks 2028 (the “New Time period Loan”), enabling the Organization to extend its maturity profile and reset specified terms of its credit rating settlement. The New Phrase Mortgage, together with close to $181 million in cash proceeds been given from the redemption of all excellent community warrants and ahead buy warrants, repaid in entire the $490 million Bridge Credit Facility utilised to fund the acquisition of Truco Enterprises and the On The Border® brand, as nicely as refinanced the pre-present $410 million Phrase Bank loan B due 2024.
The New Time period Loan was launched at LIBOR + 350 bps / .00% Ground / 99.25 – 99.50 OID, but with the get e-book many instances oversubscribed, pricing was finalized at LIBOR + 300 bps / .00% Flooring / 99.75 OID.
“This refinancing lowers our envisioned income desire prices by $3.6 million per year, lengthens the Company’s maturity profile by three years, and presents our business enterprise with more financial flexibility to guidance our continued lengthy-expression growth”, mentioned Cary Devore, Executive Vice President and Main Financial Officer. “We are incredibly happy with this final result and are thankful for the ongoing help of our banking associates and personal debt holders. We also welcomed a sizeable variety of substantial-high-quality new credit card debt holders to the Enterprise.”
As aspect of the refinancing, in December 2020 Utz also greater the dimension of its ABL revolving credit rating facility because of 2024 from $116 million to $161 million.
Bank of The united states, Goldman Sachs and Credit rating Suisse acted as Joint Bookrunners and Joint Direct Arrangers on the New Phrase Personal loan. Lender of America is the Administrative Agent. Extra particulars on the New Term Bank loan may be discovered in the Kind 8-K to be filed with the Securities and Exchange Fee.
Utz manufactures a assorted portfolio of savory treats below well known models which include Utz®, On The Border®, Zapp’s®, Golden Flake®, Fantastic Health®, Boulder Canyon®, Hawaiian® Manufacturer, and Tortiyahs! ® amid many others.
Right after almost a century with strong spouse and children heritage, Utz carries on to have a passion for enjoyable and delighting people with scrumptious snack food items made from major-high-quality substances. Utz’s products and solutions are distributed nationally and internationally by means of grocery, mass service provider, club, convenience, drug and other channels. Primarily based in Hanover, Pennsylvania, Utz operates fourteen facilities found in Pennsylvania, Alabama, Arizona, Illinois, Indiana, Louisiana, Washington, and Massachusetts. For more information and facts, make sure you stop by www.utzsnacks.com or contact 1-800-FOR-SNAX.
Marie Espinel, Katie Lewis or Hannah Arnold
Search term: PENNSYLVANIA UNITED STATES NORTH The united states
Sector Search term: RETAIL Supermarket Meals/BEVERAGE
Copyright Company Wire 2021.
PUB: 01/20/2021 04:05 PM/DISC: 01/20/2021 04:05 PM
Copyright Small business Wire 2021.