Utz Brands readies loan lender call for Wednesday morning

By Sara Rosenberg

New York, Jan. 5 – Utz Brands, Inc. is scheduled to hold a call at 11 a.m. ET on Wednesday for loan lenders, according to a market source.

BofA Securities, Inc. is the lead on the deal.

In December, Utz closed on a $490 million senior secured bridge loan that was used to fund its $480 million purchase of Truco Enterprises, a Dallas-based seller of tortilla chips, salsa and queso, from Insignia Capital Group.

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.

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

Utz is a Hanover, Pa.-based manufacturer of branded salty snacks.

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