$SYY · SYSCO CORP

Sysco Corporation and Sysco Holdings Corporation issued and sold a multi-tranche debt package on October 6, 2026, consisting of $10.75 billion in USD Senior Notes (seven tranches maturing 2029–2066, coupons 5.450%–6.600%), $3.9 billion in USD Junior Subordinated Notes (three series, initial rates 7.100%–7.350%, maturing 2056), and €1.0 billion in Euro Junior Subordinated Notes (6.000%, maturing 2056). Net proceeds total approximately $10.64 billion, $3.8 billion, and €0.99 billion, respectively. Proceeds are earmarked to fund the pending acquisition of JRD Unico, Inc. and Warehouse Realty, LLC

Markets closed — no regular-session reaction yet; extended-hours move not captured here. The sheer scale of this debt raise (~$15.65B equivalent) relative to Sysco's $37.04B market cap signals a transformative acquisition that will meaningfully re-lever the balance sheet.

Sysco is executing one of the largest food-distribution debt financings ever — ~$15.65B across 11 tranches in two currencies — to fund a transformative acquisition that will dramatically reshape its

This is one of the largest food-distribution debt financings on record, dwarfing typical sector M&A. The multi-currency, multi-tranche structure — spanning senior and junior subordinated notes in USD and EUR — mirrors the playbook used in mega-cap LBO-style acquisition funding.

If the JRD Unico acquisition is not consummated, all Notes except the 2036 Senior Notes face mandatory redemption — creating refinancing risk. The junior subordinated notes carry optional interest deferral of up to 10 consecutive years, and step-up spreads add 25-100 bps over time, increasing future