Chefs’ Warehouse changes surface; EyeCare Partners, Citadel bring term loans to market

By Sara Rosenberg

New York, Aug. 15 – In the leveraged loan primary market on Monday, Chefs’ Warehouse Inc. (Dairyland USA Corp.) increased the size of its first-lien term loan, trimmed the spread and tightened the original issue discount.

Additionally, EyeCare Partners LLC and Citadel released price talk on their term loan transactions in connection with lender calls.

In its deal, Chefs’ Warehouse raised its seven-year first-lien term loan to $300 million from $250 million, lowered pricing to SOFR+CSA plus 475 basis points from SOFR+CSA plus 500 bps and changed the original issue discount to 97 from 95, a market source said.

As before, the term loan has a 0.5% floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Tuesday, modified from noon ET on Tuesday, the source added.

Jefferies LLC, BMO Capital Markets, BofA Securities Inc. and JPMorgan Chase Bank are leading the deal that 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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