Item 1.01 Entry into a Material Definitive Agreement.
On April 17, 2023, PFGC, Inc. and Performance Food Group, Inc., each a
wholly-owned subsidiary of Performance Food Group Company (the "Company"),
entered into the First Amendment to Fifth Amended and Restated Credit Agreement
(the "First Amendment") with Wells Fargo Bank, National Association, as
Administrative Agent and Collateral Agent, and the other lenders party thereto.
The First Amendment amends that certain Fifth Amended and Restated Credit
Agreement, dated September 17, 2021, with Wells Fargo Bank, National
Association, as Administrative Agent and Collateral Agent, and the other lenders
from time to time party thereto (as amended by the First Amendment, the "ABL
Facility").
The First Amendment, among other things, transitioned the benchmark interest
rate for the ABL Facility from LIBOR to the term secured overnight funding rate
("SOFR"). As a result of the First Amendment, borrowings under the ABL Facility
bear interest, at Performance Food Group, Inc.'s option, at (a) the Base Rate
(defined as the greatest of (i) a floor rate of 0.00%, (ii) the federal funds
rate in effect on such date plus 0.5%, (iii) the prime rate on such day, or (iv)
one month Term SOFR (as defined in the ABL Facility) plus 1.0%) plus a spread or
(b) Adjusted Term SOFR (as defined in the ABL Facility) plus a spread. The ABL
Facility also provides for an unused commitment fee at a rate of 0.250% per
annum.
Wells Fargo Bank, National Association, and some of the lenders party to the
First Amendment and their respective affiliates have various relationships with
the Company and its subsidiaries in the ordinary course of business involving
the provision of financial services, including cash management, commercial
banking, investment banking or other services.
The foregoing description of the First Amendment does not purport to be complete
and is qualified in its entirety by reference to the First Amendment, which is
filed as Exhibit 10.1 hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
10.1 First Amendment to Fifth Amended and Restated Credit Agreement, dated
April 17, 2023, among PFGC, Inc., Performance Food Group, Inc., Wells
Fargo Bank, National Association, as Administrative Agent and Collateral
Agent, the other borrowers from time to time party thereto, and the
other lenders thereto.
104 Cover page Interactive Data File (embedded within Inline XBRL document).
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