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Chefs' Warehouse reveals details on planned $80 million facility
By Sara Rosenberg
New York, June 10 - Chefs' Warehouse Inc.'s proposed senior secured credit facility will be sized at $80 million and have a four-year tenor, according to an S-1/A recently filed with the Securities and Exchange Commission.
J.P. Morgan Securities LLC and GE Capital Markets are the lead banks on the deal.
The facility consists of a $30 million term loan that is expected to be priced at Libor plus 400 basis points and a $50 million revolver that is expected to be priced at Libor plus 225 bps with a 37.5 bps unused fee.
The revolver has a $20 million accordion feature.
Financial covenants include a maximum consolidated total leverage ratio and a minimum consolidated fixed-charge coverage ratio.
The deal is in connection with the company's initial public offering of common stock.
Proceeds from the credit facility and the IPO will be used to repay all of the company's existing bank debt and redeem or repurchase its outstanding senior subordinated notes due 2014.
Chefs' Warehouse is a Ridgefield, Conn.-based distributor of specialty food products.
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