Chefs’ Warehouse greenshoe lifts 1.875% convertibles to $150 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 22 – Underwriters for Chefs’ Warehouse Inc.’s 1.875% five-year convertibles fully exercised their $20 million greenshoe, increasing the total deal size to $150 million, according to a news release.

The company priced $130 million of the convertibles after the market close on Tuesday with an initial conversion premium of 35%, as previously reported.

The notes were talked to yield 1.375% to 1.875% with an initial conversion premium of 32.5% to 37.5%.

The Rule 144A notes were sold via joint bookrunners Jefferies LLC and BMO Capital Markets Corp.

The notes are non-callable for life with no puts. The notes will be physically settled.

The proceeds will be used to pay down the remaining $43.3 million principal amount outstanding of loans under its asset-based loan facility, for working capital and for general corporate purposes, which may include acquisitions.

The distributor of specialty food products is based in Ridgefield, Conn.

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