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The Chefsa?? Warehouse Announces Closing of 1.875% Convertible Senior Notes Offering

RIDGEFIELD, Conn., March 01, 2021 (GLOBE NEWSWIRE) -- The Chefsa?? Warehouse, Inc. (NASDAQ: CHEF) (the a??Companya??) today announced the closing of its previously announced offering of its 1.875% convertible senior notes due 2024 (the a??Convertible Notesa??) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the a??Securities Acta??). The Convertible Notes issuance was a reopening of, and is part of the same series as, the $150 million aggregate principal amount of 1.875% Convertible Senior Notes due 2024 (the a??Existing Notesa??) issued by the Company on November 22, 2019. While the Convertible Notes will trade under a Rule 144A CUSIP number, once de-legended, the Convertible Notes will have the same CUSIP number and will be fully fungible with the existing notes.
The Company sold $50 million aggregate principal amount of Convertible Notes to the initial purchaser. The net proceeds from the offering were approximately $50.4 million after deducting the initial purchasera??s discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use $31.2 million of the net proceeds from the offering of the Convertible Notes to repay outstanding amounts under its term loan facility and the remainder of the net proceeds for working capital and general corporate purposes, which may include future acquisitions or repaying a portion of the outstanding principal amount under its asset-based loan facility.This press release is neither an offer to sell nor a solicitation of an offer to buy the Convertible Notes or the shares of the Companya??s common stock issuable upon conversion of the Convertible Notes, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.The offer and sale of the Convertible Notes and the shares of the Companya??s common stock issuable upon conversion of the Convertible Notes have not been and will not be registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.About The Chefsa?? Warehouse, Inc.
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