UNFI Announces Repricing of Senior Secured Term Loan

Rhea-AI Summary

United Natural Foods, Inc. (NYSE: UNFI) has completed the repricing of its senior secured term loan, lowering the Applicable Rate from 3.50% to 3.25% for LIBOR-based loans, while maintaining a LIBOR floor of 0.00%. The amendment did not change other material terms of the loan, including covenants and maturity. Additionally, S&P Global and Moody’s Investors Service upgraded UNFI's corporate credit ratings to ‘B+’ and ‘Ba3’, respectively, citing improved operating performance and credit metrics.

Positive

• Repricing of senior secured term loan reduces Applicable Rate from 3.50% to 3.25%.
• Corporate credit ratings lifted to ‘B+’ by S&P Global and ‘Ba3’ by Moody's, indicating improved financial standing.

Negative

• None.

PROVIDENCE, R.I.--(BUSINESS WIRE)-- United Natural Foods, Inc. (NYSE: UNFI) (“UNFI”) today announced that it has successfully completed the repricing of its senior secured term loan facility. The amendment to the term loan agreement reduces the Applicable Rate (as defined in the term loan agreement) from 3.50% to 3.25% for LIBOR-based loans, while the LIBOR floor remains at 0.00%. All other material terms of the term loan, including operating covenants and maturity date, were unchanged by the amendment.

Additionally, S&P Global and Moody’s Investors Service both recently raised their corporate credit ratings for UNFI to ‘B+’ and ‘Ba3’, respectively, on improved operating performance and credit metrics. Copies of these rating upgrade announcements can be found on the investor relations section of UNFI’s website.

About United Natural Foods

UNFI is North America's premier food wholesaler delivering the widest variety of products to customer locations throughout North America including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers, and food service customers. By providing this deeper ‘full-store’ selection and compelling brands for every aisle, UNFI is uniquely positioned to deliver great food, more choices, and fresh thinking to customers everywhere. Today, UNFI is the largest publicly-traded grocery distributor in America. To learn more about how UNFI is Fueling the Future of Food, visit www.unfi.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211110006151/en/

INVESTOR CONTACT:

Steve Bloomquist

Vice President, Investor Relations

952-828-4144, sbloomquist@unfi.com

Source: United Natural Foods, Inc.

FAQ

What is the recent news about United Natural Foods, Inc. (UNFI)?

United Natural Foods announced the successful repricing of its senior secured term loan facility, reducing the Applicable Rate from 3.50% to 3.25%.

How did S&P Global and Moody’s rate United Natural Foods (UNFI)?

Both S&P Global and Moody’s upgraded UNFI's corporate credit ratings to ‘B+’ and ‘Ba3’, respectively, reflecting improved operating performance.

What are the terms of UNFI's senior secured term loan after the repricing?

The Applicable Rate now stands at 3.25% for LIBOR-based loans, with a LIBOR floor maintained at 0.00%, while other material terms remain unchanged.