Financing ·
Borrows $675M in new term loan to refinance debt and redeem convertible notes
CHEFChefs' Warehouse, Inc.
Chefs' Warehouse entered into a new senior secured term loan facility with an aggregate principal amount of $675 million, maturing on October 15, 2033. The company borrowed the full amount concurrently with the agreement to refinance its existing $244.7 million term loan and redeem outstanding convertible notes. Approximately $287.2 million in aggregate principal of 2.375% Convertible Senior Notes due 2028 were converted into approximately 2.67 million shares of common stock, with the company paying roughly $437.1 million in cash to settle conversion obligations. The remaining unconverted notes totaling approximately $341,000 were redeemed at par plus accrued interest. The filing also details a ninth amendment to its asset-based revolving credit facility, which increases the letter of credit sublimit and adjusts certain covenants. Chefs' Warehouse operates as a distributor of foodservice products.