Company: CHEF
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001628280-25-036589
Chunk: 4

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 4
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, 2024Senior secured term loan$253,500 $260,000 Convertible senior notes287,500 287,500 Borrowings outstanding on asset-based loan facility100,000 120,000 Finance leases and other financing obligations80,398 52,673 

Financing Transactions

In June 2025, we entered into an amendment to our senior secured term loan agreement, which reduced the interest rate spread by 50 basis points on our senior secured term loan facility. Additionally, during the twenty-six weeks ended June 27, 2025 and June 28, 2024, we made voluntary principal prepayments of $5.0 million and $8.0 million, respectively, towards the senior secured term loan.

The GreenLeaf Note matured on April 20, 2025, and we made the final principal payment of $5.0 million during the twenty-six weeks ended June 27, 2025. Previously, we made a scheduled principal payment of $5.0 million towards the GreenLeaf Note during the twenty-six weeks ended June 28, 2024. The GreenLeaf Note is presented at December 27, 2024 under the caption “Finance leases and other financing obligations” in the table above.

In November 2023, we announced a two-year share repurchase program in an amount up to $100.0 million, targeting $25.0 million to $100.0 million of share repurchases by the end of fiscal 2025. During the twenty-six weeks ended June 27, 2025, we repurchased 159,982 shares of our common stock at an average purchase price of $62.51 per share. During the twenty-six weeks ended June 28, 2024, we repurchased 264,076 shares of our common stock at an average purchase price of $37.86 per share. The share repurchases were funded by our available cash. The remaining share purchase authorization was $72.6 million at June 27, 2025. We are not obligated to repurchase any specific number of shares and may suspend or discontinue the program at any time.

20

Liquidity

The following table presents selected financial information on liquidity: 

June 27, 2025December 27, 2024Cash and cash equivalents$96,866 $114,655 Working capital(1), excluding cash and cash equivalents346,710 327,992