The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
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
|
ABL Advisor
Deal Tables
2024
|
|
|
|