According to an 8K filed with the SEC, Credit Suisse Cayman Islands Branch is serving as administrative for a repricing amendment to BellRing Brands’ existing $636.2 million term loan.

The amendment refinances BellRing’s term loan to reduce the interest rate on the term loan by 100 basis points (1%) to the Eurodollar Rate plus 4% or the Base Rate plus 3%, and also reduces the floor for the Eurodollar Rate for BellRing’s term loan from 1% to 0.75%. In addition, the amendment provides that if on or before Aug. 26, 2021, BellRing 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 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 Oct. 21, 2024, and all other material provisions under the credit agreement remain unchanged.

BellRing Brands is a holding company operating in the global convenient nutrition category. Its primary brands are Premier Protein and Dymatize.