US Foods Announces Plans to Seek to Extend Certain Loan Maturities to 2017

  US Foods Announces Plans to Seek to Extend Certain Loan Maturities to 2017

Business Wire

ROSEMONT, Ill. -- November 26, 2012

US Foods today announced that it intends to meet with banks to seek to extend
by three years the maturity of certain term loans coming due in 2014.

The Company intends to solicit consents of the lenders holding term loans
maturing July 3, 2014, under its $2.04 billion senior secured term loan
facility originally entered into in 2007 to extend the maturity date of such
loans to March 31, 2017, in an amount that the Company currently anticipates
to be approximately $350 million (but may, at the Company’s option, be more or
less than $350 million). To the extent such consents are not received, the
Company will seek to replace non-consenting lenders with new lenders that will
agree to the extended maturity date. In addition, the Company currently
anticipates funding a concurrent repayment of an additional $350 million of
such term loans with additional senior indebtedness.

Currently, approximately $699 million of the term loans under the 2007 term
loan facility mature on July 3, 2014, with the remaining $1.234 billion of
such term loans (the “Existing Extended Loans”) maturing on March 31, 2017.
After giving effect to the anticipated extension and repayment, all of the
term loans outstanding under the 2007 term loan facility—approximately $1.584
billion in aggregate principal amount—will mature on March 31, 2017.

The Company expects that the interest rate margins and other terms applicable
to term loans extended pursuant to the proposed amendment will be the same as
those applicable to the Existing Extended Loans, and thus intends to reopen
the Existing Extended Loans by way of this extension. The Company can provide
no assurance that the requisite consents will be received, nor as to the
ultimate terms of the 2007 Term Loan Facility Amendment, nor as to the ability
of the Company to incur additional senior indebtedness on terms acceptable to
the Company and the amount, if any, of 2007 Term Loan Facility borrowings that
it may repay.

About US Foods

With more than $20 billion in annual revenue, US Foods is the 10th largest
private company in America. As one of America’s great food companies and
leading distributors, US Foods is Keeping Kitchens Cooking^®  and making life
easier for more than 250,000 customers, including independent and multi-unit
restaurants, healthcare and hospitality entities, government and educational
institutions. The company offers more than 350,000 products, including
high-quality, exclusive brands such as the innovative Chef’s Line^®, a
time-saving, chef-inspired line of scratch-quality products, and Rykoff
Sexton^®, a premium line of specialty ingredients sourced from around the
world. The company proudly employs approximately 25,000 people in more than 60
locations nationwide. US Foods is headquartered in Rosemont, Ill., and jointly
owned by funds managed by Clayton, Dubilier & Rice Inc. and Kohlberg Kravis
Roberts & Co. Discover more at

This announcement includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act of 1934, as amended. Forward-looking statements are subject to known and
unknown risks and uncertainties, many of which may be beyond our control. We
caution you that the forward-looking information presented in this
announcement is not a guarantee of future events, and that actual events may
differ materially from those made in or suggested by the forward-looking
information contained in this announcement. In addition, forward-looking
statements generally can be identified by the use of forward-looking
terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,”
“estimate,” “anticipate,” “believe” or “continue” or the negative thereof or
variations thereon or similar terminology. A number of important factors could
cause actual events to differ materially from those contained in or implied by
the forward-looking statements. Any forward-looking information presented
herein is made only as of the date of this announcement, and we do not
undertake any obligation to update or revise any forward-looking information
to reflect changes in assumptions, the occurrence of unanticipated events, or
otherwise. This announcement is intended to be a public announcement described
in U.S. Treasury Regulations Section 1.1275-2(k)(2)(iv).


US Foods
Lisa Lecas, 847-720-8243
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