Chefs’ Warehouse launches $272 million term loan at SOFR plus 425 bps

By Sara Rosenberg

New York, March 11 – Chefs’ Warehouse Inc. (Dairyland USA Corp.) was scheduled to hold a lender call at 3 p.m. ET on Monday to launch a $272.25 million first-lien term loan due Aug. 23, 2029 that is talked at SOFR plus 425 basis points with a 0.5% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and no credit spread adjustment, the source said.

Jefferies LLC is the lead bookrunner on the deal.

Consents are due at 2 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice the company’s existing first-lien term loan due Aug. 23, 2029 down from SOFR+CSA plus 475 bps with a 0.5% floor. CSA on the existing term loan is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

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