Chefs' Warehouse prices $675M term loan due 2033 at SOFR+2.00%, replaces $305M facility

Chefs' Warehouse, Inc.

$675M senior secured term loan matures Oct 15, 2033; interest at SOFR+2.00% or ABR+1.00%, amortizing 0.25% quarterly with 1.00% premium on repricing within six months.
Prior $305M term loan due 2029 repaid in full at roughly $244.7M outstanding; proceeds also funded redemption of the 2.375% convertible notes due 2028.
Holders converted about $287.2M principal of notes, receiving roughly $437.1M cash and 2,671,056 common shares on Oct 15; remaining ~$341,000 principal redeemed at 100%.
Ninth ABL amendment raises the letter-of-credit sublimit to $75M from $50M and loosens the payment-default cure period to five business days from three.
Jefferies Finance LLC is administrative and collateral agent; BMO, JPMorgan and BofA Securities are joint lead arrangers and bookrunners.

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