Sysco Raises $1.25 Billion Through Senior Notes Offering

Reuters
Feb 14
Sysco Raises $1.25 Billion Through Senior Notes Offering

Sysco Corporation has announced the issuance and sale of $600 million in 4.400% Senior Notes due 2031 and $650 million in 4.950% Senior Notes due 2036, totaling $1.25 billion in new debt financing. The net proceeds of approximately $1.24 billion, after underwriting discounts and offering expenses, will be used for general corporate purposes, including repayment of borrowings under Sysco’s commercial paper programs. The notes were offered pursuant to an automatically effective registration statement and were issued under existing indenture agreements with The Bank of New York Mellon Trust Company as trustee. Interest on the notes will be paid semi-annually. The agreements include provisions requiring Sysco to offer to repurchase the notes at 101% of principal plus accrued interest in the event of a change of control combined with a downgrade to below investment grade.

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