The Chefs' Warehouse, Inc., a premier distributor of specialty food products in the United States, announced it has successfully completed the refinancing of its senior secured credit facilities. The company has entered into a new $305 million term loan facility and a $50 million delayed draw term loan facility due in 2022. Jefferies is listed as the administrative agent on these facilities. In addition, the company entered into a five year $75 million asset-backed revolving credit facility.  JPMorgan Chase is listed as the administrative agent on the ABL facility.  Proceeds from the new term loan were used to refinance the company's existing revolving credit facility, retire its outstanding senior secured notes, pay related fees, costs and expenses and for general corporate purposes. The proceeds of the delayed draw term loan facility will be used for permitted acquisitions and general corporate purposes. The interest rate for the new term loan is LIBOR plus 4.75% with a LIBOR floor of 1.0%.  Total fees and expenses incurred to refinance the credit facilities, including make-whole premiums on the company's existing senior secured notes and the original issue discount on the new term loans, are approximately $30.2 million.

"We are very happy to close on these new credit facilities, which will give us the incremental capital to make additional accretive acquisitions," said Chris Pappas, chairman and chief executive officer of The Chefs' Warehouse, Inc.  "In addition, the covenant lite structure of these facilities gives us more flexibility to grow and operate our business."

The Chefs' Warehouse, Inc. is a premier distributor of specialty food products in the United States and Canada focused on serving the specific needs of chefs who own and/or operate some of the nation's leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos and specialty food stores. The Chefs' Warehouse, Inc. carries and distributes more than 34,000 products to more than 26,000 customer locations throughout the United States and Canada.