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BofA, Goldman Sachs, Credit Suisse Arrange $720MM Refinancing for Utz Brands
Thursday, January 21, 2021

Lenders/Participants Bank of America [Joint Lead Arranger, Joint Bookrunner]
Goldman Sachs [Joint Lead Arranger, Joint Bookrunner]
Credit Suisse Bank [Joint Lead Arranger, Joint Bookrunner]
Structure Term Loan - Refinance
Amount $720.000 Million
Borrower(s) Utz Brands
Description 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. The New Term Loan was launched at LIBOR + 350 bps / 0.00% Floor / 99.25 – 99.50 OID, but with the order book multiple times oversubscribed, pricing was finalized at LIBOR + 300 bps / 0.00% Floor / 99.75 OID.
Industry Food Manufacturing
Location PA
Related Tags Bank of America, Credit Suisse, Goldman Sachs

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