Snyder's-Lance enters loan agreement related to Snack Factory dealBrent Burkey
The acquisition would be by its indirect wholly owned subsidiary S-L Snacks National LLC, and the credit agreement provides for term loans of up to an aggregate principal amount of $325 million, the filing stated.
The company announced in September the Snack Factory deal for $340 million in cash that includes about $60 million of net present value of future tax benefits, and the transaction was anticipated to close in the fourth quarter, the company previously said.
It would provide Snyder’s-Lance’s entry into grocery store deli-bakery sections, which the company has called “an attractive and growing retail area for snacks.”
Charlotte, N.C.-based Lance Inc. and York County-based Snyder’s of Hanover formed Snyder’s-Lance, which makes and markets snack foods under the Snyder’s of Hanover, Lance, Cape Cod and other brands.
Shares of the company are traded on the Nasdaq under the ticker symbol LNCE.