Hostess Brands Announces Completion of Refinancing Transaction

Hostess Brands, Inc. (NASDAQ: TWNK), (the "Company”, “we”, “our”) today announced the refinancing of its First Lien Credit Agreement including its $983 million term loan due August 2025 (the “Existing Term Loan”) and $100 million revolving line of credit due August 2024. The Company closed on a new First Lien Credit Agreement containing a $985 million term loan (the "New Term Loan"), which will mature in June 2030, and a revolving line of credit of $200 million, which will mature in June 2028 (the “New Revolver”). The net proceeds from the New Term Loan were used to repay all outstanding principal under its Existing Term Loan and fund a portion of the related costs.

“We are extremely pleased with the results of our refinancing,” said Travis Leonard, Chief Financial Officer, “We believe that strong demand for the New Term Loan resulted in an attractive interest rate of SOFR plus 2.50% and an issue price of 99.25, representing one of the tightest priced syndicated loans recently issued for our ratings category. The ability to extend our debt maturity from 2025 to 2030 with minimal impact to our future interest while gaining additional liquidity through the New Revolver highlights our strong operating performance and the strength of our credit profile. We believe that the successful refinancing coupled with our highly cash generative and differentiated business model continues to give us significant financial flexibility to execute on our strategic objectives and drive strong shareholder returns."

In addition, the Company recently received an update to a positive outlook on its corporate credit rating from Moody’s Investor Services.

JPMorgan Chase Bank, N.A., BofA Securities, Inc., Citibank, N.A., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc. acted as joint lead arrangers and joint book runners for the New Term Loan.

About Hostess Brands, Inc.

Hostess Brands, Inc. (NASDAQ: TWNK) is a premier snacking company with a portfolio of iconic brands and a mission to inspire moments of joy by putting our heart into everything we do. Hostess Brands is proud to make America’s No. 1 cupcake, mini donut and zero sugar cookie brands. With annual sales of $1.4 billion and approximately 3,000 dedicated team members, Hostess Brands produces new and classic snacks, including Hostess Donettes, Twinkies, CupCakes, Ding Dongs and Zingers, as well as a variety of Voortman cookies and wafers. For more information about Hostess Brands please visit hostessbrands.com.