Chefs’ Warehouse flexes $272 million term loan to SOFR plus 400 bps

By Sara Rosenberg

New York, March 14 – Chefs’ Warehouse Inc. (Dairyland USA Corp.) lowered pricing on its $272.25 million first-lien term loan due Aug. 23, 2029 to SOFR plus 400 basis points from SOFR plus 425 bps, according to a market source.

The term loan still has a 0.5% floor, a par issue price, 101 soft call protection for six months and no CSA.

Jefferies LLC is the lead bookrunner on the deal.

Recommitments are due at 11 a.m. ET on Friday, with allocations expected thereafter, 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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