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# Chefs' Warehouse Takes $675 Million Term Loan Due 2033 To Retire Debt And Convertible Notes
- URL: https://www.bullished.co/chefs-warehouse-takes-675-million-term-loan-due-2033-to-retire-debt-and-convertible-notes-c6c3c3f4/
- Published: 2026-10-19T20:51:15.000Z
- Updated: 2026-10-19T20:51:15.000Z
- Description: An 8-K shows a seven-year loan replaced a $305 million facility due 2029 and funded the cash side of the 2028 convertible note payoff.
- Author: Matteo Parrino
- Tags: SEC Filings, CHEF, Industry: Consumer Staples

Chefs' Warehouse borrowed the full [$675,000,000](https://www.sec.gov/Archives/edgar/data/0001517175/000151717526000030/chef-20261019.htm?ref=bullished.co) under a new senior secured term loan on October 15, according to an 8-K filed Monday. The loan matures October 15, 2033 and replaces a term loan that was due August 23, 2029.

## What the 8-K says

The borrowers, Dairyland USA and Chefs' Warehouse Parent, can pay interest at [SOFR plus 2.00%](https://www.sec.gov/Archives/edgar/data/0001517175/000151717526000030/chef-20261019.htm?ref=bullished.co) or at the Alternate Base Rate plus 1.00%, their choice. The loan amortizes at 0.25% of principal each quarter, with the rest due at maturity, and carries a 1.00% premium on certain repricing within six months of closing.

The company and some subsidiaries guarantee it, and it is secured by substantially all of their assets, subject to customary exceptions. Proceeds went to refinance the old term loan, redeem the convertible notes, pay fees, fund capital expenditures and cover general corporate purposes.

The old $305,000,000 facility was repaid in full with about $244.7 million, including accrued interest. That ended the agreement and released its liens.

## The convertible notes

The company had called its 2.375% convertible notes due 2028 for redemption on October 15, in an notice dated August 12\. Holders of about $287.2 million of principal converted by 5:00 p.m. New York time on October 14.

On October 15 the company delivered to them cash of about $437,1 million, as printed in the filing and including cash for fractional shares, plus 2,671,056 common shares. Those shares were issued under an exemption from registration, Section 3(a)(9) of the Securities Act.

The company also redeemed about $341,000 of notes that were not converted, at 100% of principal plus accrued interest. It paid the cash portions with part of the new loan plus cash on hand.

## Revolver amendment and what to watch

The company also signed a ninth amendment to its asset-based revolving credit agreement, raising the letter of credit sublimit from $50,000,000 to $75,000,000\. It lengthens the cure period for payment defaults from three business days to five, and conforms several covenants to the new term loan.

The company expects to file both agreements as exhibits to its quarterly report for the period ending September 25, 2026.

In Monday trading, CHEF shares closed at $111.28, down 2.02% from the prior session, before the filing was accepted at 4:42 p.m. ET.

### Sources

- [8-K Filing — Chefs' Warehouse, Inc. (CHEF)](https://www.sec.gov/Archives/edgar/data/0001517175/000151717526000030/chef-20261019.htm?ref=bullished.co) — SEC EDGAR