USFD US Foods Holding Corp.

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Executive Summary

US Foods amended its ABL credit agreement on May 28, 2026, increasing total commitments from $2.3 billion to $2.5 billion and extending the maturity date to May 28, 2031. The amendment also adjusted pricing and covenant terms and replaced non-consenting lenders.

Actionable Insight

Key Facts

• Total ABL commitments increased to $2.5 billion from $2.3 billion.
• Maturity date extended to May 28, 2031, with a springing maturity provision tied to earlier maturing debt exceeding $300 million.
• Non-consenting lenders were replaced with consenting and replacement lenders at par.
• Two immaterial subsidiaries were released from loan party obligations.
• The applicable commitment fee rate was reduced to 0.20% per annum from 0.25%.

Financial Impact

Increased revolving credit capacity by $200 million to $2.5 billion; extended maturity by approximately 5 years.

Risk Factors

• Springing maturity if more than $300 million of term loan or senior notes remain outstanding within 60 days of their earlier maturity without a reserve.
• Potential increase in leverage if ABL borrowings are drawn significantly.

Market Snapshot

Documents Analyzed

This report is based on 5 SEC documents filed with EDGAR.

US Market Status