Sysco Corp. disclosed March 22 the pricing terms of its cash tender offer to purchase up to $230.5 million of its outstanding senior notes and debentures.
Shortly after announcing the early results of the tender offer, Sysco provided a breakdown of the securities' principal amount outstanding prior to the tender offer: $250 million for its 6.625% senior notes due 2039, with a yield to maturity of 3.047% and a tender offer yield of 4.097%; $50 million for its 7.160% debentures due 2027, with a yield to maturity of 2.813% and a tender offer yield of 3.693%; $225 million for its 6.500% debentures due 2028, with a yield to maturity of 2.813% and a tender offer yield of 3.713%; and $500 million for its 5.375% senior notes due 2035, with a yield to maturity of 3.047% and a tender offer yield of 4.097%.
As of the early tender time on March 21, $230.5 million of the securities have been tendered.
The Texas-based food producer earlier issued $1 billion in a public notes offering to fund the tender offer.
Goldman Sachs & Co. LLC is acting as the dealer-manager for the offer.
