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UNFI Announces Proposed Refinancing of Senior Secured Term Loan
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United Natural Foods, Inc. (UNFI) plans to refinance its senior secured term loan with a $500.0 million amended term loan credit facility. The refinancing aims to extend the maturity date, modify interest rates, and make other adjustments to the terms. UNFI intends to use the proceeds along with borrowings to repay the existing term loan, with the closing expected in April 2024.
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PROVIDENCE, R.I.--(BUSINESS WIRE)--
United Natural Foods, Inc. (NYSE: UNFI) today announced that it launched the refinancing of its senior secured term loan facility. The amended term loan credit facility is expected to be in an aggregate principal amount of $500.0 million. The amendment is expected to extend the maturity date, modify the interest rate margins applicable to the term loan thereunder and make other modifications to the terms thereof. UNFI expects to use the proceeds of the amended term loan, together with borrowings under its asset-based revolving credit facility, to repay the existing term loan.
The closing of the proposed transaction is expected to occur in April 2024, subject to market and other customary conditions. There can be no assurance that the proposed transaction will be completed on favorable terms or at all.
About UNFI
UNFI is North America's premier grocery wholesaler delivering the widest variety of fresh, branded, and owned brand products to more than 30,000 locations throughout North America, including natural product superstores, independent retailers, conventional supermarket chains, ecommerce providers, and food service customers. UNFI also provides a broad range of value-added services and segmented marketing expertise, including proprietary technology, data, market insights, and shelf management to help customers and suppliers build their businesses and brands. As the largest full-service grocery partner in North America, UNFI is committed to building a food system that is better for all and is uniquely positioned to deliver great food, more choices, and fresh thinking to customers. To learn more about how UNFI is delivering value for its stakeholders, visit www.unfi.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the Company’s 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. Examples of these statements include statements regarding the proposed closing and the proposed terms of the amendment. The risks and uncertainties which could impact these statements include the market for secured debt and those described in the Company’s filings under the Securities Exchange Act of 1934, as amended, including its annual report on Form 10-K for the year ended July 29, 2023 filed with the Securities and Exchange Commission (the “SEC”) on September 26, 2023 and other filings the Company makes with the SEC. 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. Any estimates 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.
What is UNFI's plan regarding its senior secured term loan?
UNFI plans to refinance its senior secured term loan with a $500.0 million amended term loan credit facility.
What are the expected modifications to the term loan?
The modifications include extending the maturity date, adjusting interest rate margins, and making other changes to the terms.
How does UNFI intend to utilize the proceeds of the amended term loan?
UNFI plans to use the proceeds of the amended term loan, along with borrowings under its asset-based revolving credit facility, to repay the existing term loan.
When is the closing of the proposed transaction expected to occur?
The closing of the proposed transaction is expected to occur in April 2024, subject to market and other customary conditions.
Is there a guarantee that the proposed transaction will be completed?
There is no assurance that the proposed transaction will be completed on favorable terms or at all.
