Sysco closes C$1.5B of CAD senior notes to help fund Jetro deal

Sysco Corporation said that on September 25, 2026 it and Sysco Holdings Corporation issued and sold C$750 million of 4.250% senior notes due 2030 and C$750 million of 4.800% senior notes due 2034, raising about C$1.49 billion of net proceeds earmarked for the pending Jetro Restaurant Depot acquisition.

Sysco locked a C$1.5 billion Canadian senior notes book on September 25, 2026 — closing twin tranches that help fund the company's pending Jetro Restaurant Depot acquisition.

C$1.5 billion closed across 2030 and 2034

On September 25, 2026, Sysco Corporation (NYSE: SYY) and Sysco Holdings Corporation (together, the Issuers) issued and sold (i) C$750 million aggregate principal amount of 4.250% Senior Notes due 2030 and (ii) C$750 million aggregate principal amount of 4.800% Senior Notes due 2034. Sysco disclosed the closing in Form 8-K Items 1.01 and 2.03 AccNo 0001104659-26-110977, accepted the same afternoon.

The notes were offered and sold under an automatically effective Registration Statement on Form S-3ASR (Registration No. 333-298926) filed September 14, 2026. Net proceeds were approximately C$1.49 billion after underwriters' discounts and estimated offering expenses.

Indenture, coupons, maturity, and ranking

The notes were issued under a Base Indenture dated as of September 25, 2026 among the Issuers, the guarantors named therein, and U.S. Bank Trust Company, National Association, as trustee, as supplemented by a First Supplemental Indenture dated the same day (Exhibits 4.1 and 4.2). The notes are guaranteed to the extent provided in the Indenture by the guarantors party to the First Supplemental Indenture.

The 2030 notes pay interest at 4.250% per annum and mature on October 3, 2030. The 2034 notes pay interest at 4.800% per annum and mature on October 3, 2034. Interest on both series is payable in cash semi-annually in arrears on April 3 and October 3, commencing April 3, 2027.

The notes are unsecured obligations of the Issuers and rank equally with the Issuers' other existing and future unsecured senior indebtedness, effectively junior to future secured indebtedness to the extent of collateral, and senior to future subordinated indebtedness. The guarantees are unsecured senior obligations of the respective guarantors.

Jetro cash consideration — or special mandatory redemption

Sysco intends to use the net proceeds to pay a portion of the cash consideration for the pending acquisition of JRD Unico, Inc. and Warehouse Realty, LLC — together known as Jetro Restaurant Depot — and related fees, costs, and expenses. If the acquisition is not consummated, the Issuers intend to use the proceeds to pay for the Special Mandatory Redemption defined in the notes.

Separately in the same Form 8-K, Sysco Holdings entered a Fiftieth Supplemental Indenture guaranteeing Sysco Corporation's existing senior notes under the company's longstanding senior notes indenture — putting Holdings' guarantee pari passu with Holdings' other unsecured indebtedness, including the new CAD notes.