Chefs' Warehouse repriced $262 million term loan B, cutting spread to SOFR+350
On October 22, 2024, Chefs' Warehouse entered Amendment No. 12 to its senior secured term loan credit agreement, lowering the margin on its term loan B facility from 400 basis points over term SOFR to 350 basis points. The SOFR floor of 0.50% and the August 23, 2029 maturity were unchanged, and $262 million of term loans remain outstanding. The change lowers the company's borrowing cost on this facility, though the filing does not quantify expected savings.
- Term loan B margin cut from 400 to 350 basis points over term SOFR (alternate base rate margin cut from 300 to 250 basis points)
- Aggregate principal of term loans outstanding after the amendment: $262 million
- Adjusted Term SOFR floor of 0.50% and scheduled maturity of August 23, 2029 unchanged