Sysco closes $14.65 billion and €1 billion senior and junior subordinated notes offerings
SYY•Sysco closed offerings of $14.65 billion in senior notes, $3.9 billion in U.S. dollar junior subordinated notes and €1 billion in euro junior subordinated notes. Net proceeds are earmarked for part of the cash consideration and related costs for its pending Jetro Restaurant Depot acquisition.
1. Debt offering proceeds
Sysco said it closed the notes offerings, with estimated net proceeds of about $10.64 billion from the senior notes, $3.8 billion from the U.S. dollar junior subordinated notes and €0.99 billion from the euro notes. The company plans to use the funds toward cash consideration, fees and expenses for its pending Jetro Restaurant Depot acquisition. If the acquisition does not close, the proceeds would fund a special mandatory redemption of the notes, except the 5.950% senior notes due 2036.
