UNFI Enters Material Definitive Agreement

TL;DR

UNFI just signed a big deal, likely involving debt. Details TBD.

AI Summary

On May 1, 2024, United Natural Foods, Inc. (UNFI) entered into a Material Definitive Agreement related to a direct financial obligation. The filing does not provide specific details on the agreement, counterparty, or the exact financial obligation amount.

Why It Matters

This filing indicates a significant financial commitment or obligation for United Natural Foods, Inc., which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — The lack of specific details regarding the financial obligation and counterparty introduces uncertainty about the nature and potential impact of the agreement.

Key Players & Entities

• UNITED NATURAL FOODS, INC. (company) — Registrant
• May 1, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 UNFI New York Stock Exchange Indicate
• $500 m — the principal amount of the facility to $500 million, (ii) the extension of the maturi
• $100 million — er 15, 2028, in the event that at least $100 million in principal amount outstanding of such
• $130 million — r (i) the creation of a FILO tranche of $130 million with an Applicable Margin (as defined i

Filing Documents

• unfi-20240501.htm (8-K) — 25KB
• 0001020859-24-000018.txt ( ) — 147KB
• unfi-20240501.xsd (EX-101.SCH) — 2KB
• unfi-20240501_lab.xml (EX-101.LAB) — 21KB
• unfi-20240501_pre.xml (EX-101.PRE) — 12KB
• unfi-20240501_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On May 1, 2024, United Natural Foods, Inc. (the "Company"), SUPERVALU INC., UNFI Wholesale, Inc., and UNFI Distribution Company, LLC (the "Co-Borrowers" and, together with the Company, the "Borrowers"), the guarantors party thereto, the certain financial institutions that are parties thereto as lenders, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (the "Agent"), entered into Amendment No. 4 to the Term Loan Agreement (the "Term Loan Amendment"), amending the Term Loan Agreement dated as of October 22, 2018, as amended from time to time (as further amended, the "Term Loan Agreement"), among the Borrowers, the guarantors party thereto, the lenders from time to time party thereto and the Agent. The Term Loan Amendment provides for (i) the reduction of the principal amount of the facility to $500 million, (ii) the extension of the maturity to May 1, 2031 (but with a springing maturity to (a) the date 91 days prior to the expiration of the Company's distribution contract with Whole Foods Market Distribution, Inc. if such agreement shall not have been extended beyond the term of the facility, and (b) 91 days prior to the maturity of the Company's senior notes due October 15, 2028, in the event that at least $100 million in principal amount outstanding of such senior notes remains outstanding on such date), (iii) a change in the applicable margin over the secured overnight financing rate (SOFR) from 3.25% to 4.75% and (iv) certain other changes. On May 1, 2024, the Company entered into Amendment No. 1 (the "ABL Amendment") to the loan agreement dated June 3, 2022, by and among the Company, UNFI Canada, Inc., the financial institutions that are parties thereto as lenders, Wells Fargo Bank, National Association and the other parties thereto (the "ABL Loan Agreement") to execute on a First In, Last Out ("FILO") tranche of incremental loans under the ABL Loan Agreement. The ABL Amendment

SIGNATURES

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. UNITED NATURAL FOODS, INC. By: /s/ Giorgio Matteo Tarditi Name: Giorgio Matteo Tarditi Title: President and Chief Financial Officer Date: May 1, 2024

View Full Filing

View this 8-K filing on SEC EDGAR