Company: CHEF
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001517175-25-000008
Chunk: 19

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 19
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 and $6,171 for the thirteen weeks ended March 28, 2025 and March 29, 2024, respectively. 

11

Note 8 – Debt Obligations

Debt obligations as of March 28, 2025 and December 27, 2024 consisted of the following:Weighted Average Effective Interest Rate at March 28, 2025MaturityMarch 28, 2025December 27, 2024Senior secured term loans8.57 %August 2029$259,250 $260,000 2028 Convertible senior notes2.77 %December 2028287,500 287,500 Asset-based loan facility6.47 %March 2027100,000 120,000 Finance leases and other financing obligations6.79 %Various67,583 52,673 Unamortized deferred costs(12,986)(13,389)Total debt obligations701,347 706,784 Less: current installments(20,269)(18,040)Total long-term debt$681,078 $688,744 Senior Secured Term Loan Credit FacilityIn March 2024, the Company entered into an amendment (“Eleventh Amendment”) to its senior secured term loan agreement, which reduced the interest rate spread on its senior secured term loan facility. As a result of this amendment, the Company incurred a loss on debt extinguishment of $50 during the thirteen weeks ended March 29, 2024, which represents the portion of unamortized deferred financing fees attributable to the lender that exited the loan syndicate. Arrangement fees of $775 and third-party transaction costs of $91 were expensed as incurred during the thirteen weeks ended March 29, 2024 and included in interest expense and other operating expenses, respectively, within the Company’s condensed consolidated statements of operations.Additionally, during the thirteen weeks ended March 29, 2024, the Company made voluntary principal prepayments totaling $6,000 towards the senior secured term loan. In connection with the prepayments, the Company wrote-off unamortized deferred financing fees of $239 during the thirteen weeks ended March 29, 2024, which were included in interest expense within the Company’s condensed consolidated statements of operations.Convertible NotesThe net carrying value of the Company’s 2028 convertible senior notes as of March 28, 2025 and December 27, 2024 was:March 28