Sysco closes C$1.5 billion senior notes offering for Jetro acquisition

Sysco Corporation (NYSE: SYY) has closed a public offering of C$1.5 billion in senior notes, consisting of two tranches: C$750 million in 4.250% Senior Notes due 2030 and C$750 million in 4.800% Senior Notes due 2034.

The Houston-based food distributor and its wholly-owned subsidiary, Sysco Holdings Corporation, expect to receive approximately C$1.49 billion in net proceeds after underwriting discounts and estimated offering expenses.

Sysco said it intends to use the proceeds to fund a portion of the cash consideration for its pending acquisition of Jetro Restaurant Depot. If the acquisition is not completed, the company said the notes would be subject to a special mandatory redemption under their terms.

The offering was made in the United States through a prospectus supplement filed under a shelf registration statement on Form S-3ASR with the Securities and Exchange Commission. The offering was also conducted on a private placement basis in Canada.

Goldman Sachs & Co. LLC, TD Securities Inc., and Merrill Lynch Canada Inc. served as joint book-running managers for the offering.

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