Utz Brands, Inc. Announces Closing of Term Loan Refinancing
January 20, 2021 at 09:05 pm
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Utz Brands, Inc. announced 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 “New Term Loan”), 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® brand, as well as refinanced the pre-existing $410 million Term Loan B due 2024.
Utz Brands, Inc. is a manufacturer of branded salty snacks. The Company produces salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, veggie snacks, pub/party mixes, and other snacks. The Companyâs brands include Power and Foundation brands. Power brands comprised of its Utz brand and On The Border brand; craft brands, such as Zappâs, Golden Flake Pork Skins, TORTIYAHS!, and Hawaiian; BFY brands, such as Good Health and Boulder Canyon, and selected licensed brands, such as TGI Fridays. Foundation brands include regional snacking brands, such as Bachman, Golden Flake Chips and Cheese, Timâs Cascade Snacks, Snyder of Berlin, Dirty Potato Chips, and R.W. Garcia. The Company serves its products to grocery, mass merchant, club, convenience, drug, and other retailers through direct shipments, distributors, and over 2,100 direct-store-delivery routes. The Company manufactures its products in over 16 manufacturing facilities across the United States.
UTZ BRANDS, INC. 
