BellRing Brands Announces Repricing of $636 Million Term Loan
February 26 2021 - 4:30PM
BellRing Brands, Inc. (NYSE:BRBR) (the “Company”) today announced
that its subsidiary, BellRing Brands, LLC (“BellRing LLC”),
completed an opportunistic repricing of its existing $636.2 million
term loan through an amendment to its credit agreement.
The amendment refinances BellRing LLC’s term loan to reduce the
interest rate on the term loan by 100 basis points (1.00%) to the
Eurodollar Rate plus 4.00% or the Base Rate plus 3.00%, and also
reduces the floor for the Eurodollar Rate for BellRing LLC’s term
loan from 1.00% to 0.75%. In addition, the amendment provides that
if on or before August 26, 2021 BellRing LLC repays the term loan
with the proceeds of a new financing at a lower effective interest
rate, or further amends the credit agreement to reduce the
effective interest rate, BellRing LLC must pay a 1% premium on the
amount repaid or subject to the interest rate reduction.
The repricing is expected to reduce annual cash interest by
approximately $8 million. The term loan maturity date of October
21, 2024 and all other material provisions under the credit
agreement remain unchanged.
Cautionary Statement on Forward-Looking
Language
Forward-looking statements, within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, are made throughout
this press release. These forward-looking statements are sometimes
identified from the use of forward-looking words such as “believe,”
“should,” “could,” “potential,” “continue,” “expect,” “project,”
“estimate,” “predict,” “anticipate,” “aim,” “intend,” “plan,”
“forecast,” “target,” “is likely,” “will,” “can,” “may” or “would”
or the negative of these terms or similar expressions elsewhere in
this press release. All forward-looking statements are subject to a
number of important factors, risks, uncertainties and assumptions
that could cause actual results to differ materially from those
described in any forward-looking statements. These factors and
risks include, but are not limited to, the rapidly changing
situation related to the COVID-19 pandemic and other financial,
operational and legal risks and uncertainties detailed from time to
time in the Company’s cautionary statements contained in its
filings with the Securities and Exchange Commission. These
forward-looking statements represent the Company’s judgment as of
the date of this press release. The Company disclaims, however, any
intent or obligation to update these forward-looking
statements.
About BellRing Brands, Inc.
BellRing Brands, Inc. is a holding company operating in the
global convenient nutrition category. Its primary brands, Premier
Protein® and Dymatize®, comprise all major product forms, including
ready-to-drink protein shakes, powders and nutrition bars, and are
distributed across channels including club, food, drug, mass,
eCommerce, specialty and convenience.
Contact:Investor RelationsJennifer
Meyerjennifer.meyer@bellringbrands.com(314) 644-7665
BellRing Brands (NYSE:BRBR)
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