Sysco Corp. on March 22 gave the early tender results of its offer, first announced March 8, to purchase $200 million combined aggregate principal amount of its 6.625% senior notes due 2039, 7.160% debentures due 2027, 6.500% debentures due 2028 and 5.375% senior notes due 2035.
It also increased the tender cap of its purchase offer to a total principal amount of $230,538,000 from $200 million.
As of the early expiration at 5 p.m. ET on March 21, $46,993,000 of the 2039 notes have been tendered, representing 18.8% of the outstanding notes; $5,724,000 of 2027 debentures have been tendered, representing 11.45% of the outstanding debentures; $61,946,000 of the 2028 debentures have been tendered, representing 27.53% of the outstanding debentures; and $115,875,000 of the 2035 notes have been tendered, representing 23.18% of the outstanding notes.
As mentioned in the initial offer, holders who tendered their securities, and did not withdraw them, by 5 p.m. on March 21 will receive the full tender offer consideration plus a tender payment of $50 per $1,000 principal amount of securities. The consideration will be determined on March 22 at 11 a.m. ET.
Holders of the notes and debentures can tender their securities until the expiration date on April 4 at 11:59 p.m.