Chefs' Warehouse Prices Underwritten Public Offering At $21/shr

(RTTNews) - The Chefs' Warehouse Inc. (CHEF), a premier distributor of specialty food products in the United States, announced the pricing of an underwritten public offering of 4.50 million shares of its common stock at $21.00 per share.

The public offering included 3.80 million shares sold by the Company and 700,000 shares sold by John Pappas, one of the Company's existing stockholders. The underwriters will have a 30-day option to purchase up to an additional 675,000 shares of the Company's common stock from certain selling stockholders at the public offering price, less underwriting discounts and commissions.

The company estimates the net proceeds to the company from the offering will be approximately $75.1 million, after deducting underwriting discounts and commissions and estimated offering expenses.

The company noted that it intends to use the net proceeds from the offering to repay outstanding borrowings under its revolving credit facility as well as for general corporate purposes, which may include acquisitions of complementary businesses. The company will not receive any proceeds from the sale of shares of common stock sold by the selling stockholders.

The offering, which is subject to customary closing conditions, is expected to close on September 25, 2013.