Utz Brands raises ABL facility to $225 million, extends to 2028

By Mary-Katherine Stinson

Lexington, Ky., July 21 – Utz Brands, Inc. subsidiaries Utz Quality Foods, LLC and Golden Flake Snack Foods, Inc. on July 20 entered into an eighth amendment to their asset-based revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The agreement was amended to raise the total revolving commitments to approximately $225 million from $175 million to align the facility’s borrowing capacity with the increased size of the borrower parties’ collateral.

The maturity date was also extended to the earliest of July 20, 2028 and a springing maturity date of 91 days prior to maturity of the term loans under the first-lien credit agreement. Previously, the revolver was set to mature on Aug. 22, 2024.

The rate will be based on the average historical excess availability, with margins of 150 basis points to 200 bps over SOFR.

Based on utilization, the commitment fee will either be 37.5 bps or 50 bps.

BofA Securities, Inc. is the sole lead arranger and bookrunner.

Bank of America, NA is the administrative agent and collateral agent.

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

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