The Chefs’ Warehouse has entered into a new $305 million term loan facility, a $50 million delayed draw term loan facility due in 2022 and a five-year $75 million asset-based revolving credit facility. According to an 8-K filing, JPMorgan Chase served as administrative agent for the ABL, and Jefferies Finance served as joint lead arranger, joint bookrunner, administrative agent and collateral agent for the term loan.

Proceeds from the new term loan were used to refinance the company’s existing revolving credit facility, retire its outstanding senior secured notes, pay related fees, costs and expenses and for general corporate purposes. The proceeds of the delayed draw term loan facility will be used for permitted acquisitions and general corporate purposes. The interest rate for the new term loan is LIBOR+4.75% with a LIBOR floor of 1.0%. Total fees and expenses incurred to refinance the credit facilities, including make-whole premiums on the company’s existing senior secured notes and the original issue discount on the new term loans, are approximately $30.2 million.

“We are very happy to close on these new credit facilities, which will give us the incremental capital to make additional accretive acquisitions,” said Chris Pappas, chairman and chief executive officer of The Chefs’ Warehouse. “In addition, the covenant lite structure of these facilities gives us more flexibility to grow and operate our business.”