Company: CHEF
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001517175-25-000021
Chunk: 63

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 8
Chunk 63
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287,500 Borrowings outstanding on asset-based loan facility100,000 120,000 Finance leases and other financing obligations104,918 52,673 

Financing Transactions

On October 1, 2025, subsequent to our fiscal quarter end, we issued an $11.0 million unsecured note in connection with the acquisition of substantially all of the assets of Italco Food Products. The Company also paid $5.5 million cash at closing. The acquisition was not material to our consolidated financial statements.

On August 20, 2025, we entered into an amendment (“Eighth Amendment”) to our asset-based loan (the “ABL”) credit agreement, which extended the maturity date to August 20, 2030, eliminated the credit spread adjustment to the interest rate charged on borrowings and increased the aggregate letters of credit. There were no changes to the aggregate commitments of $300,000. The Eighth Amendment to the ABL was accounted for as a debt modification. We incurred transaction costs of $658, which were capitalized as deferred financing fees to be amortized over the term of the ABL, and are presented in other non-current assets in our condensed consolidated balance sheet.

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 thirty-nine weeks ended September 26, 2025 and September 27, 2024, we made voluntary principal prepayments of $5.0 million and $12.0 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 thirty-nine weeks ended September 26, 2025. Previously, we made a scheduled principal payment of $5.0 million towards the GreenLeaf Note during the thirty-nine weeks ended September 27, 2024. The GreenLeaf Note is presented at December 27, 2024 under the caption “Finance leases and other financing obligations” in the table above.

22

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 thirty-nine weeks ended September 26,