Chefs' Warehouse Refinances With $675M Term Loan, Retires $305M Facility and Converts $287M of Notes
CHEF sits 97% above its 52-week low of $56.46 on light trading volume (0.4× avg).
Summary
Chefs' Warehouse closed a $675M term loan due 2033, repaid its $305M prior facility, and settled $287.2M of convertible notes with ~$437.1M cash plus 2.67M shares. The ABL was amended to conform covenants and lift the LC sublimit to $75M.
Key Events · Financing and Capital Events · CHEF
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New $675M Term Loan Closed
Senior secured term loan matures October 15, 2033, at SOFR+2.00% or ABR+1.00%, amortizing 0.25% quarterly with the balance due at maturity.
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Prior $305M Facility Retired
Borrowers repaid approximately $244.7M of outstanding obligations under the prior term loan and terminated the agreement, releasing related liens.
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Convertible Notes Settled
Holders converted about $287.2M principal of the 2.375% notes due 2028; the company paid roughly $437.1M cash and issued 2,671,056 shares, with the remaining ~$341,000 redeemed.
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ABL Amendment Expands Headroom
Ninth Amendment conforms negative covenants to the new term loan, raises the letter-of-credit sublimit from $50M to $75M, and extends the payment-default cure period to five business days.
Analysis · CHEF · Trade & Services
The company replaced its $305M term loan with a $675M facility maturing in 2033, more than doubling term debt but pushing maturities out seven years and funding the retirement of its 2.375% convertible notes. Roughly $287.2M of notes converted, settled with about $437.1M of cash and 2.67M new shares — a real but modest issuance against the existing share base, not a large dilution event. The ABL amendment loosens covenants and raises the letter-of-credit sublimit to $75M, giving more headroom for working capital. Net effect: a cleaner, longer-dated capital structure at the cost of higher absolute debt and a small share count increase.
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At the time of this filing, CHEF was trading at $111.28 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $4.5B. The 52-week trading range was $56.46 to $118.51. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.