Chefs’ Warehouse launches $250 million term loan at SOFR plus 500 bps

By Sara Rosenberg

New York, Aug. 9 – Chefs’ Warehouse Inc. (Dairyland USA Corp.) launched on Tuesday its $250 million seven-year first-lien term loan with price talk of SOFR+CSA plus 500 basis points with a 0.5% floor and an original issue discount of 95, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan has 101 soft call protection for six months.

Jefferies LLC, BMO Capital Markets, BofA Securities Inc. and JPMorgan Chase Bank are the lead arrangers on the deal.

Commitments are due at noon ET on Aug. 16, the source added.

Proceeds will be used to refinance an existing first-lien term loan and fund cash to the balance sheet.

Chefs’ Warehouse is a Ridgefield, Conn.-based distributor of specialty food products.

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