Utz gets $490 million bridge loan for Truco Enterprises purchase

By Sara Rosenberg

New York, Dec. 14 – Utz Brands Inc. closed on a $490 million senior secured bridge loan that was used to fund its $480 million acquisition of Truco Enterprises from Insignia Capital Group, according to an 8-K filed with the Securities and Exchange Commission on Monday.

BofA Securities Inc., Goldman Sachs Bank USA and Credit Suisse Loan Funding LLC acted as the joint lead arrangers and joint bookrunners on the deal. BofA is the administrative agent.

Pricing on the bridge loan is Libor plus 425 basis points through Jan. 29, Libor plus 525 bps from Jan. 30 through Feb. 28 and Libor plus 600 bps thereafter. The loan has a 0% Libor floor.

Utz is a Hanover, Pa.-based manufacturer of branded salty snacks. Truco is a Dallas-based seller of tortilla chips, salsa and queso.

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