Utz Brands Enters Material Definitive Agreement

Ticker: UTZ · Form: 8-K · Filed: Apr 18, 2024 · CIK: 1739566

Utz Brands, Inc. 8-K Filing Summary
FieldDetail
CompanyUtz Brands, Inc. (UTZ)
Form Type8-K
Filed DateApr 18, 2024
Risk Levelmedium
Pages3
Reading Time3 min
Key Dollar Amounts$0.0001, $630 million, $2 million
Sentimentneutral

Sentiment: neutral

Topics: debt, agreement, financial-obligation

TL;DR

Utz Brands just signed a big deal, could be debt or something else.

AI Summary

Utz Brands, Inc. entered into a Material Definitive Agreement on April 17, 2024, related to a direct financial obligation. The filing also includes Regulation FD Disclosure and Financial Statements and Exhibits.

Why It Matters

This filing indicates a significant financial commitment or obligation for Utz Brands, Inc., which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — The nature of the 'Material Definitive Agreement' and 'Direct Financial Obligation' is not fully detailed, creating uncertainty about the specific financial implications.

Key Numbers

  • 001-38686 — SEC File Number (Identifies the specific filing for Utz Brands, Inc.)

Key Players & Entities

  • Utz Brands, Inc. (company) — Registrant
  • April 17, 2024 (date) — Date of earliest event reported
  • Delaware (jurisdiction) — State of incorporation
  • 001-38686 (identifier) — SEC File Number
  • Hanover, PA (location) — Principal executive offices

FAQ

What is the specific nature of the Material Definitive Agreement entered into by Utz Brands, Inc. on April 17, 2024?

The filing states that Utz Brands, Inc. entered into a Material Definitive Agreement on April 17, 2024, which also constitutes the creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. However, the specific details of the agreement are not provided in this summary.

What type of financial obligation is Utz Brands, Inc. undertaking?

The filing indicates a 'Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement' but does not specify the exact type or amount of the obligation.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing occurred on April 17, 2024.

What is Utz Brands, Inc.'s principal executive office address?

Utz Brands, Inc.'s principal executive offices are located at 900 High Street, Hanover, PA 17331.

What are the other items included in this 8-K filing besides the material agreement?

This 8-K filing also includes Regulation FD Disclosure and Financial Statements and Exhibits.

Filing Stats: 842 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2024-04-18 09:00:20

Key Financial Figures

  • $0.0001 — stered Class A Common Stock, par value $0.0001 per share UTZ New York Stock Exchange
  • $630 million — term loans having a principal amount of $630 million as of the Refinancing Date. Except as s
  • $2 million — terest expense savings of approximately $2 million annually. The foregoing description of

Filing Documents

01 Entry Into a Material Definitive Agreement

Item 1.01 Entry Into a Material Definitive Agreement On April 17, 2024 (the "Refinancing Date") Utz Quality Foods, LLC, a Delaware limited liability company ("Borrower"), a subsidiary of Utz Brands, Inc. (the "Company"), 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") to effectuate a new senior secured term loan facility (the "Refinancing Facility") which refinances in full all of the outstanding term loans of the Borrower and the other borrowers from time to time party thereto, and reduces the interest rate on the Refinancing Facility from the Secured Overnight Financing Rate ("SOFR") rate + a credit spread adjustment + 3.00% to the SOFR rate +2.75%, as well as certain other changes to the Existing Credit Agreement. Pursuant to the Refinancing Facility, the Borrower refinanced, in full, outstanding term loans having a principal amount of $630 million as of the Refinancing Date. Except as set forth herein, the material terms of the Refinancing Facility, including the January 2028 maturity date, 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 $2 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. The description of the Refinancing Facility provided under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On April 18, 2024, in connection with the transactions described under Item 1.01 and certain other transactions, the Company issued a press release. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. The information in this Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended ("Securities Act") or the Exchange Act, except as expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits . (d) Exhibits Exhibit No. Description 10.1 Amendment No. 5 to that certain First Lien Credit Agreement, dated as of November 21, 2017. 99.1 Utz Press Release (dated April 18, 2024). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Utz Brands, Inc. Dated: April 18, 2024 By: /s/ Ajay Kataria Name: Ajay Kataria Title: Executive Vice President, Chief Financial Officer and Chief Accounting Officer

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