01—Abstract
Summary
Summary of the 8-K filed May 2, 2024. Cited figures are marked; the original filing is the authoritative source.
US Foods, Inc. ("US Foods") entered into Amendment No. 4 to its existing ABL Credit Agreement on April 30, 2024.
The ABL Credit Agreement, dated as of May 31, 2019, is among US Foods, the other Loan Parties, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent and collateral agent. The filing states that the Amendment provides certain providers of supply chain financings a security interest in certain assets of US Foods under the ABL Agreement. The filing is narrow in scope.
It reports a single material agreement change, a financing-related amendment that extends collateral protection to supply chain finance providers. It does not state any financial results, dollar amounts, or changes to borrowing capacity, pricing, or maturity. The full terms are in Exhibit 10.1, which the filing incorporates by reference.
For investors, the key takeaway is that supply chain finance providers now hold a security interest in certain US Foods assets that secure the ABL facility. This could affect the priority of claims on those assets relative to other creditors, and investors may wish to review Exhibit 10.1 for the specific collateral and priority terms.
02—Key points
Key Highlights
- On April 30, 2024, US Foods entered into Amendment No. 4 to its ABL Credit Agreement dated May 31, 2019.
- The Amendment gives certain providers of supply chain financings a security interest in certain assets of US Foods under the ABL Agreement.
- The ABL Agreement counterparties include Wells Fargo Bank, National Association, as administrative agent and collateral agent.
- The filing does not state any dollar amounts, borrowing capacity changes, pricing changes, or maturity changes.
- The full terms of the Amendment are attached as Exhibit 10.1 and incorporated by reference.
- The filing also includes the Cover Page Interactive Data File (Exhibit 104).
03—Questions
Frequently Asked Questions
What did US Foods change in its ABL Credit Agreement?
According to the filing, the Amendment, dated April 30, 2024, provides certain providers of supply chain financings a security interest in certain assets of US Foods under the ABL Agreement.
Who benefits from the new security interest?
The filing identifies the beneficiaries as certain providers of supply chain financings. It does not name them.
Who is the administrative and collateral agent under the ABL Agreement?
Wells Fargo Bank, National Association, serves as administrative agent and collateral agent under the ABL Agreement.
Where can investors find the complete terms of the Amendment?
The full text of the Amendment is attached as Exhibit 10.1 to the Form 8-K, and the filing incorporates it by reference.
Does this filing disclose any financial results or dollar amounts?
No. The filing describes only the Amendment and its exhibits and does not state any financial results, borrowing amounts, or other dollar figures.
04—Continue