Utz Brands firms $720 million term loan B discount at 99.75

By Sara Rosenberg

New York, Jan. 13 – Utz Brands Inc. finalized the original issue discount on its $720 million seven-year term loan B (B1/B) at 99.75, the tight end of revised talk of 99.5 to 99.75 and tighter than initial talk in the range of 99.25 to 99.5, according to a market source.

Pricing on the term loan is Libor plus 300 basis points with a 0% Libor floor.

The term loan has 101 soft call protection for six months.

Earlier in syndication, the spread on the term loan was reduced from Libor plus 350 bps.

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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