Deal conducted by bookrunners Jefferies, JPMorgan and BMO Capital
By Devika Patel
Knoxville, Tenn., Sept. 20 - Chefs' Warehouse Inc. has priced a $79.8 million public offering of stock, according to a free-writing prospectus filed Thursday with the Securities and Exchange Commission.
The company will sell 3.8 million common shares at $21.00 per share. The price per share reflects a 2.64% discount to the Sept. 19 closing share price of $21.57.
A selling stockholder, John Pappas, will sell 700,000 shares in a secondary offering at the same price per share for $14.7 million. The secondary sale will have a $14.18 million greenshoe.
Jefferies, JPMorgan and BMO Capital Markets are the joint bookrunning managers.
Settlement is expected Sept. 25.
Proceeds will be used to repay debt under the company's revolving credit facility as well as for general corporate purposes.
Chefs' Warehouse is a Ridgefield, Conn., distributor of specialty food products.
| Issuer: | Chefs' Warehouse Inc.
|
| Issue: | Common stock
|
| Amount: | $79.8 million
|
| Shares: | 3.8 million
|
| Price: | $21.00
|
| Warrants: | No
|
| Bookrunners: | Jefferies, JPMorgan and BMO Capital Markets
|
| Co-managers: | BB&T Capital Markets and Canaccord Genuity
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 25
|
| Stock symbol: | Nasdaq: CHEF
|
| Stock price: | $21.57 at close Sept. 19
|
| Market capitalization: | $457.59 million
|
|
|
| Secondary sale
|
| Amount: | $14.7 million
|
| Greenshoe: | $14,175,000
|
| Shares: | 700,000
|
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