Utz cuts spread on $720 million term loan B to Libor plus 300 bps

By Sara Rosenberg

New York, Jan. 12 – Utz Brands Inc. reduced pricing on its $720 million seven-year term loan B (B1/B) to Libor plus 300 basis points from Libor plus 350 bps, according to a market source.

Also, the original issue discount talk on the term loan was revised to a range of 99.5 to 99.75 from a range of 99.25 to 99.5, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

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

Commitments continued to be due at 5 p.m. ET on Tuesday, the source added.

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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