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Sysco starts tender for up to $750 million of six series of notes
By Wendy Van Sickle
Columbus, Ohio, May 20 – Sysco Corp. began a tender offer to buy up to $750 million principal amount of six series of securities, according to a news release.
The securities covered by the offer include, listing in order of acceptance priority with the first three series sharing equal priority, the
• $44,276,000 of 7.16% debentures due 2027 (Cusip: 871829AD9) to be priced based on the 0.75% Treasury note due April 30, 2026 plus 115 basis points;
• $163,054,000 of 6.5% debentures due 2028 (Cusip: 871829AF4) to be priced based on the 1.625% Treasury note due May 15, 2031 plus 65 bps;
• $203,007,000 of 6.625% senior notes due 2039 (Cusip: 871829AN7) to be priced based on the 1.875% Treasury note due Feb. 15, 2041 plus 105 bps;
• $1.25 billion of 5.95% senior notes due 2030 (Cusip: 871829BL0) to be priced based on the 1.625% Treasury note due May 15, 2031 plus 70 bps;
• $750 million of 6.6% senior notes due 2040 (Cusip: 871829BM8) to be priced based on the 1.625% Treasury note due Feb. 15, 2041 plus 105 bps; and
• $1.25 billion of 6.6% senior notes due 2050 (Cusip: 871829BN6) to be priced based on the 1.625% Treasury note due Feb. 15, 2051 plus 127 bps.
There is a $250 million sub-cap for the 5.95% notes.
There will be an early tender payment of $50 per $1,000 principal amount that will be paid only to holders who tender by 5 p.m. ET on June 3.
Holders will also receive accrued interest.
The offer will expire at 11:59 p.m. ET on June 17.
BofA Securities, Inc. (888 292-0070 or 980 387-3907), TD Securities (USA) LLC (866 584-2096 or 212 827-7795) and Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) are the lead dealer managers.
D. F. King & Co., Inc. (866 796-7182 or syy@dfking.com) is tender and information agent.
Sysco is a Houston-based distributor of food products to restaurants, health care and educational facilities, and lodging establishments.
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