Form 8-K - Current report
07 11월 2023 - 7:13AM
Edgar (US Regulatory)
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2023-11-01
2023-11-01
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): November 6, 2023 (November 1, 2023)
THE CHEFS’ WAREHOUSE, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
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001-35249 |
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20-3031526 |
(State or Other Jurisdiction
of Incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
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100 East Ridge Road,
Ridgefield, Connecticut 06877
(Address of Principal Executive Offices)
(203) 894-1345
Registrant’s Telephone Number, Including Area
Code
______________________________________________
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, $0.01 par value |
CHEF |
NASDAQ |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if
the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On November 6, 2023, The Chefs’ Warehouse, Inc. (the “Company”)
entered into a tenth amendment (the “Tenth Amendment”) to its senior secured term loan credit agreement, dated as of
June 22, 2016 (as amended, restated, supplemented or otherwise modified prior to the date of the Tenth Amendment, the “Existing
Credit Agreement”), by and among the Company, Chefs’ Warehouse Parent, LLC, as borrower (“CW Parent”),
Dairyland USA Corporation, as borrower (“Dairyland”, and together with CW Parent, the “Borrowers”),
certain other subsidiaries of the Company, as guarantors, the lenders party thereto and Jefferies Finance LLC, as administrative agent
(the “Administrative Agent”), which amends the negative covenants pertaining to restricted payments to permit share
buybacks with respect to equity interests in the Company in an aggregate amount not exceeding $100,000,000 subject to the satisfaction
of certain conditions specified therein.
The Company has customary
corporate and commercial banking relationships with the lenders, the administrative agent and their affiliates.
Item 7.01 Regulation FD Disclosure.
On November 1, 2023, the
Company announced that the Company’s board of directors authorized a two-year share repurchase program in an amount up to $100
million. The Company announced that they are targeting $25 million to $100 million of share repurchases by the end of 2025.
The information contained herein is being furnished
pursuant to Item 7.01 of this Current Report on Form 8-K, “Regulation FD Disclosure.” This information shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly
set forth by specific reference in such a filing. The furnishing of this information will not be deemed an admission as to the materiality
of any information contained herein.
Forward-Looking Statements
Statements in this report regarding the Company business that are not
historical facts are “forward-looking statements” that involve risks and uncertainties and are based on current expectations
and management estimates; actual results may differ materially. The risks and uncertainties which could impact these statements include,
but are not limited to the following: our sensitivity to general economic conditions, including disposable income levels and changes
in consumer discretionary spending; our ability to expand our operations in our existing markets and to penetrate new markets through
acquisitions; we may not achieve the benefits expected from our acquisitions, which could adversely impact our business and operating
results; we may have difficulty managing and facilitating our future growth; conditions beyond our control could materially affect the
cost and/or availability of our specialty food products or center-of-the-plate products and/or interrupt our distribution network; our
distribution of center-of-the-plate products, like meat, poultry and seafood, involves exposure to price volatility experienced by those
products; our business is a low-margin business and our profit margins may be sensitive to inflationary and deflationary pressures; because
our food service distribution operations are concentrated in certain culinary markets, we are susceptible to economic and other developments,
including adverse weather conditions, in these areas; fuel cost volatility may have a material adverse effect on our business, financial
condition or results of operations; our ability to raise capital in the future may be limited; we may be unable to obtain debt or other
financing, including financing necessary to execute on our acquisition strategy, on favorable terms or at all; interest charged on our
outstanding debt may be adversely affected by changes in the method of determining the Secured Overnight Financing Rate (“SOFR”);
our business operations and future development could be significantly disrupted if we lose key members of our management team; and significant
public health epidemics or pandemics, including COVID-19, may adversely affect our business, results of operations and financial condition.
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as
of the date made. A more detailed description of these and other risk factors is contained in the Company’s most recent Annual
Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2023, and other reports filed
by the Company with the SEC since that date. The Company is not undertaking to update any information until required by applicable laws.
Any projections of future results of operations are based on a number of assumptions, many of which are outside the Company’s control
and should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change
and could differ materially from final reported results. The Company may from time to time update these publicly announced projections,
but it is not obligated to do so.
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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THE CHEFS’ WAREHOUSE, INC. |
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By: |
/s/ Alexandros Aldous |
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Name: |
Alexandros Aldous |
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Title: |
General Counsel, Corporate Secretary and Chief Government Relations Officer |
Date: November 6, 2023
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