US Foods fails to satisfy conditions on time, rescinds 8½% note call

By Tali Rackner

Norfolk, Va., Nov. 5 – US Foods, Inc. rescinded its conditional notice of redemption for all of its $1.35 billion 8½% senior notes due 2019, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the redemption was conditioned on the completion of Sysco Corp.’s acquisition of USF Holding Corp., which owns all of the outstanding common stock of US Foods.

Because the company does not expect to complete the merger before the first quarter of 2015 and certain conditions have not been satisfied, the redemption will not take place.

US Foods and Sysco are both distributors of food products to restaurants, health-care and education facilities and lodging establishments. They are based in Rosemont, Ill., and Houston, respectively.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.