- Utz Brands' ( NYSE: UTZ ) subsidiaries have entered into a new real estate senior secured term loan in the original aggregate principal amount of $88.14M with City National Bank, as administrative agent and each lender from time to time party thereto.
- The Real Estate Term Loan will be secured by a portfolio of 17 of the Borrowers’ owned real estate assets, representing the majority of the Borrowers’ real estate assets.
- The net proceeds of $85M from this strategic financing will be used to pay down in full the outstanding amount under UQF’s revolving credit facility, with excess cash going to the balance sheet.
- “Amid a rising interest rate environment, this Real Estate Term Loan puts in place a low fixed-rate instrument that increases our financial flexibility as we continue to expand distribution and generate strong organic growth,” said Ajay Kataria, Utz Executive Vice President and CFO.
For further details see:
Utz Brands issues real estate senior secured term loan