Utz Brands, Inc. (UTZ): debt financing — Utz sells two facilities to Our Home for $18.5M, reprices $630M term loan to SOFR+2.75%

Utz Brands, Inc.

Sale of Berlin, PA and Fitchburg, MA facilities to Our Home for $18.5M total cash proceeds.
After-tax net proceeds of ~$14M to reduce debt (~$9M) and add cash (~$5M).
Repriced $630M term loan to SOFR+2.75% (down 36 bps), saving ~$2M annually in interest.
Utz now operates 8 primary manufacturing facilities, down from 16 in 2021.
Transaction expected accretive to 2024 adjusted EPS; $45M cost savings target unchanged.

item 1.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Utz Brands, Inc. incurred term loan of $630 million at SOFR rate +2.75% maturing January 2028 maturity date.

Instrument: term loan
Principal: $630 million
Rate: SOFR rate +2.75%
Maturity: January 2028 maturity date
Event: incurrence

Exact text from the filing

other changes to the Existing Credit Agreement. Pursuant to the Refinancing Facility, the Borrower refinanced, in full, outstanding term loans having a principal amount of $630 million as of the Refinancing Date. Except as set forth herein, the material terms of the Refinancing Facility, including the January 2028 maturity date, remain unchanged. Under the

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Utz Brands, Inc. amended First Lien Credit Agreement valued at $630 million (effective 2024-04-17).

Action: amendment
Agreement: credit facility
Value: $630 million
Effective: 2024-04-17

Exact text from the filing

Pursuant to the Refinancing Facility, the Borrower refinanced, in full, outstanding term loans having a principal amount of $630 million as of the Refinancing Date.

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299 debt financings filed in the last 30 days. Browse all debt financings →

Utz Brands, Inc. filing history →

Source: SEC EDGAR

accession 0001739566-24-000062

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