Chefs' Warehouse to get new credit facility with common stock IPO

By Sara Rosenberg

New York, April 12 - Chefs' Warehouse Inc. plans on getting a new senior secured credit facility in connection with its initial public offering of common stock, according to an S-1 filed with the Securities and Exchange Commission on Tuesday.

The facility is expected to include a term loan and a revolver, and be secured by substantially all of the company's assets.

Covenants are anticipated to include fixed charge coverage and leverage ratios.

The company said that it plans to use proceeds from its IPO to repay some or all of its existing bank debt, which as of Dec. 24, was about $73.8 million in term loan borrowings and $12.2 million in revolver drawings.

IPO proceeds will also be used to redeem the company's roughly $15.5 million senior subordinated notes due 2014, and for general corporate purposes.

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

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