Chefs’ Warehouse, United PF loans surface in secondary market; Lummus readies deal

By Sara Rosenberg

New York, June 5 – Chefs’ Warehouse Inc. finalized the size of its extended term loan and tweaked the call protection before freeing up for trading during Friday’s market hours.

The company firmed the size of its amended and extended first-lien term loan due June 22, 2025 at around $171.2 million, post paydown, leaving its non-extended term loan due June 22, 2022 sized at about $31.2 million, according to a market source.

Additionally, the company changed the call protection on the extended term loan to non-callable for one year, then a 101 hard call in year two, the source said. Initially, the call protection on the extended piece was expected to be the same as the existing call protection on the non-extended piece.

As before, pricing on the extended term loan is Libor plus 550 basis points with a 0% Libor floor, and pricing on the non-extended term loan is Libor plus 350 bps with a 0% Libor floor.

Jefferies LLC is leading the term loan debt (B2/B).

Also, United PF Holdings LLC’s incremental first-lien term loan made its way into the secondary market, with levels quoted well above its original issue discount.

In other news, Lummus Technology (Illuminate Buyer LLC) joined the near-term primary calendar.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.