Company: UTZ
Filing Date: 2025-01-29
Form Type: 8-K
Source: 0001739566-25-000039
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Company: Utz Brands, Inc.
Filing Date: 2025-01-29
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry Into a Material Definitive Agreement

On January 29, 2025 (the “ Refinancing Date”) Utz Quality Foods, LLC, a Delaware limited liability company (“ Borrower”), a subsidiary of Utz Brands, Inc. (the “ Company”), and Utz Brands Holdings, LLC, a Delaware limited liability company (“ Parent”), entered into an amendment to that certain First Lien Credit Agreement, dated as of November 21, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, (the “ Existing Credit Agreement”), with Bank of America, N. A. as Administrative Agent (as defined thereunder), and each lender from time to time party thereto, to effectuate a new senior secured term loan facility (the “ Refinancing Facility”), which, among other changes, (i) refinances and replaces in full all of the outstanding term loans of the Borrower, (ii) reduces the interest rate on the Refinancing Facility from the Secured Overnight Financing Rate (“ SOFR”) rate+2.75% per annum to the SOFR rate +2.50% per annum, (iii) extends the maturity date from January 20, 2028 to January 29, 2032. Pursuant to the Refinancing Facility, the Borrower refinanced and replaced, in full, outstanding term loans having a principal amount of $630,335,333.88 as of the Refinancing Date. Except as set forth herein, the material terms of the Refinancing Facility remain unchanged. Under the amended terms of the Term Loan, the Company estimates that the repricing of debt will produce cash interest expense savings of approximately $1.6 million annually.

The foregoing description of the Refinancing Facility is not complete and is qualified in its entirety by reference to the full text of the Refinancing Facility, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated into this Item 1.01 by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.