Utz Brands launches $720 million term loan B at Libor plus 350 bps

By Sara Rosenberg

New York, Jan. 6 – Utz Brands Inc. launched on its Wednesday call a $720 million seven-year term loan B (B) that is talked at Libor plus 350 basis points with a 0% Libor floor and an original issue discount of 99.25 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc., Goldman Sachs Bank USA and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Proceeds will be used to help refinance an existing term loan B and a $490 million senior secured bridge loan that funded the company’s $480 million purchase of Truco Enterprises, a Dallas-based seller of tortilla chips, salsa and queso, from Insignia Capital Group.

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

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