UNITED NATURAL FOODS INC (UNFI): debt financing — UNFI reduces term loan to $500M, extends maturity to 2031, adds $130M FILO tranche

UNITED NATURAL FOODS INC

Term loan principal reduced to $500M, maturity extended to May 1, 2031 with springing conditions tied to Whole Foods contract and 2028 senior notes.
Interest margin on term loan increased from SOFR+3.25% to SOFR+4.75%.
Added $130M FILO tranche under ABL facility at SOFR+2.50% per annum.
Canadian obligors no longer required to provide credit support for U.S. ABL loans.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

UNITED NATURAL FOODS INC amended term loan of $500 million with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent at 4.75% over SOFR maturing May 1, 2031.

Instrument: term loan
Principal: $500 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Rate: 4.75% over SOFR
Maturity: May 1, 2031
Event: amendment

Exact text from the filing

The Term Loan Amendment provides for (i) the reduction of the principal amount of the facility to $500 million, (ii) the extension of the maturity to May 1, 2031

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

UNITED NATURAL FOODS INC incurred term loan of $130 million with Wells Fargo Bank, National Association at SOFR plus 2.50% per annum.

Instrument: term loan
Principal: $130 million
Counterparty: Wells Fargo Bank, National Association
Rate: SOFR plus 2.50% per annum
Event: incurrence

Exact text from the filing

The ABL Amendment provides for (i) the creation of a FILO tranche of $130 million with an Applicable Margin (as defined in the ABL Loan Agreement) rate equal to SOFR plus 2.50% per annum

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

UNITED NATURAL FOODS INC amended Amendment No. 4 to the Term Loan Agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent valued at $500 million (effective 2024-05-01).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Value: $500 million
Effective: 2024-05-01

Exact text from the filing

On May 1, 2024, United Natural Foods, Inc. (the “Company”), SUPERVALU INC., UNFI Wholesale, Inc., and UNFI Distribution Company, LLC (the “Co-Borrowers” and, together with the Company, the “Borrowers”), the guarantors party thereto, the certain financial institutions that are parties thereto as lenders, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (the “Agent”), entered into Amendment No. 4 to the Term Loan Agreement (the “Term Loan Amendment”), amending the Term Loan Agreement dated as of October 22, 2018, as amended from time to time (as further amended, the “Term Loan Agreement”), among the Borrowers, the guarantors party thereto, the lenders from time to time party thereto and the Agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

UNITED NATURAL FOODS INC amended Amendment No. 1 to the ABL Loan Agreement with Wells Fargo Bank, National Association valued at $130 million (effective 2024-05-01).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $130 million
Effective: 2024-05-01

Exact text from the filing

On May 1, 2024, the Company entered into Amendment No. 1 (the “ABL Amendment”) to the loan agreement dated June 3, 2022, by and among the Company, UNFI Canada, Inc., the financial institutions that are parties thereto as lenders, Wells Fargo Bank, National Association and the other parties thereto (the “ABL Loan Agreement”) to execute on a First In, Last Out (“FILO”) tranche of incremental loans under the ABL Loan Agreement.

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312 debt financings filed in the last 30 days. Browse all debt financings →

UNITED NATURAL FOODS INC filing history →

Source: SEC EDGAR

accession 0001020859-24-000018

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