GlobeNewswire Inc | Jun 4, 2021 04:15PM EDT

June 04, 2021

HOUSTON, June 04, 2021 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE: SYY) (Sysco or the Company) today announced the pricing terms, as shown in the table below, for Syscos previously announced cash tender offer (the Offer) to purchase its 7.160% Debentures due 2027 (the 7.160% Debentures), 6.500% Debentures due 2028 (the 6.500% Debentures), 6.625% Senior Notes due 2039 (the 6.625% Senior Notes), 5.950% Senior Notes due 2030 (the 5.950% Senior Notes), 6.600% Senior Notes due 2040 (the 6.600% Senior Notes due 2040) and 6.600% Senior Notes due 2050 (the 6.600% Senior Notes due 2050 and together with the 7.160% Debentures, the 6.500% Debentures, the 6.625% Senior Notes, the 5.950% Senior Notes and the 6.600% Senior Notes due 2040, the Securities, and each, a series of Securities).

On May 20, 2021, Sysco commenced the Offer in accordance with the terms and conditions set forth in the offer to purchase, dated May 20, 2021 (the Offer to Purchase), sent to holders of the Securities. The maximum amount of Securities that will be purchased in the Offer will be a combined aggregate principal amount of Securities that could be purchased for a combined aggregate purchase price, determined in accordance with the procedures set forth in the Offer to Purchase and excluding accrued interest, of $1,000,000,000 (subject to increase, in our sole discretion, the Total Tender Cap), subject to the terms and conditions set forth in the Offer to Purchase. Further, the maximum amount of 5.950% Senior Notes that will be purchased in the Offer will be $250,000,000 aggregate principal amount of 5.950% Senior Notes (subject to increase, in our sole discretion, the Tender SubCap and together with the Total Tender Cap, the Tender Caps), subject to the terms and conditions set forth in the Offer to Purchase. The following table sets forth pricing information for the Offer:

Principal Tender Principal Fixed Full TenderTitle of CUSIP Amount SubCap Amount Principal UST Reference Spread OfferSecurity Number Outstanding (principal Tendered Amount Reference Yield to (basis Consideration Prior to the amount) ^(1) Accepted Security Maturity points) ^(2)(3)(4)(5) Tender Offer7.160% 871829 April 30, + 115Debentures AD9 $44,276,000 N/A $1,100,000 $1,100,000 2026 0.774% bps $1,288.61 due 2027 6.500% 871829 May 15, + 65Debentures AF4 $163,054,000 N/A $7,639,000 $7,639,000 2031 1.581% bps $1,280.65 due 2028 6.625% FebruarySenior 871829 $203,007,000 N/A $507,000 $507,000 15, 2.188% + 105 $1,455.01 Notes due AN7 2041 bps2039 5.950%Senior 871829 $1,250,000,000 $250,000,000 $742,465,000 $249,987,000 May 15, 1.581% + 70 $1,284.04 Notes due BL0 2031 bps2030* 6.600% FebruarySenior 871829 $750,000,000 N/A $395,026,000 $395,026,000 15, 2.188% + 105 $1,461.72 Notes due BM8 2041 bps2040* 6.600% FebruarySenior 871829 $1,250,000,000 N/A $612,508,000 $58,123,000 15, 2.278% + 127 $1,542.37 Notes due BN6 2051 bps2050*

(1) As of 5:00 p.m., New York City time, on June 3, 2021 (the ?Early Tender Time?). (2) Per $1,000 principal amount of Securities accepted for purchase. (3) Includes the early tender payment of $50 per $1,000 principal amount of Securities (the ?Early Tender Payment?). (4) Based on an Early Settlement Date (as defined below) of June 7, 2021. (5) Excludes accrued interest, which will also be paid to, but excluding, the Early Settlement Date. * Denotes Securities for which the Full Tender Offer Consideration has been calculated using a yield to the par call date of such Securities.

As set forth in the Offer to Purchase, holders who validly tendered and did not validly withdraw their Securities at or prior to the Early Tender Time and whose Securities are accepted for purchase will receive the Full Tender Offer Consideration, which includes the Early Tender Payment. Holders of such Securities accepted for purchase will receive accrued and unpaid interest from, and including, the last interest payment date for their tendered Securities to, but not including, the early settlement date, which is expected to be June 7, 2021 (the Early Settlement Date), rounded to the nearest cent.

In accordance with the terms of the Offer, the withdrawal deadline for the Offer was 5:00 p.m., New York City time, on June 3, 2021, and has not been extended for any series of Securities. Securities tendered may no longer be withdrawn unless otherwise required by law. The Offer will expire at 11:59 p.m., New York City time, on June 17, 2021, unless extended or earlier terminated by Sysco, with respect to any or all series of Securities. Although the Offer is scheduled to expire at 11:59 p.m., New York City time, on June 17, 2021, because holders of Securities subject to the Offer validly tendered and did not validly withdraw Securities at or prior to the Early Tender Time in an amount greater than the Total Tender Cap, Sysco expects to accept for purchase such Securities, subject to the Tender Caps and the applicable priority and proration requirements, on the Early Settlement Date and does not expect to accept for purchase any tenders of Securities after the Early Tender Time.

The Offer is subject to the satisfaction or waiver of certain conditions, as specified in the Offer to Purchase.

Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase.

BofA Securities, Inc., TD Securities (USA) LLC and Deutsche Bank Securities Inc. are acting as lead dealer managers for the Offer. For additional information regarding the terms of the Offer, please contact: BofA Securities, Inc. toll-free at (888) 292-0070 or collect at (980) 387-3907, TD Securities (USA) LLC toll-free at (866) 584-2096 or collect at (212) 827-7795 or Deutsche Bank Securities Inc. toll-free at (866) 627-0391 or collect at (212) 250-2955. Requests for the Offer to Purchase may be directed to D. F. King & Co., Inc., which is acting as the Tender Agent and Information Agent for the Offer, at (866) 796-7182 (toll-free), or by email at syy@dfking.com.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR SOLICITATION TO PURCHASE SECURITIES. THE OFFER IS BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE, WHICH SETS FORTH THE COMPLETE TERMS OF THE OFFER AND SHOULD BE READ CAREFULLY PRIOR TO MAKING ANY DECISION WITH RESPECT TO THE OFFER.

NONE OF SYSCO, THE BOARD OF DIRECTORS OF SYSCO, THE DEALER MANAGERS, THE TENDER AGENT, THE INFORMATION AGENT, THE APPLICABLE TRUSTEE UNDER THE INDENTURE GOVERNING THE SECURITIES OR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY RECOMMENDATION AS TO WHETHER HOLDERS SHOULD TENDER SECURITIES PURSUANT TO THE OFFER.

THE OFFER TO PURCHASE DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE SECURITIES IN ANY JURISDICTION IN WHICH, OR TO OR FROM ANY PERSON TO OR FROM WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION UNDER APPLICABLE SECURITIES OR BLUE SKY LAWS. IN ANY JURISDICTION IN WHICH THE SECURITIES, BLUE SKY OR OTHER LAWS REQUIRE THE OFFER TO BE MADE BY A LICENSED BROKER OR DEALER, THE OFFER WILL BE DEEMED TO BE MADE ON BEHALF OF SYSCO BY A DEALER MANAGER, IF SUCH DEALER MANAGER IS A LICENSED BROKER OR DEALER UNDER THE LAWS OF SUCH JURISDICTION, OR BY ONE OR MORE REGISTERED BROKERS OR DEALERS THAT ARE LICENSED UNDER THE LAWS OF SUCH JURISDICTION.

Forward-Looking Statements

Statements made in this news release that look forward in time or that express managements beliefs, expectations or hopes are forward-looking statements. Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations. These statements include expectations regarding the completion and timing of the Offer. For a discussion of additional factors impacting Syscos business, see the Companys Annual Report on Form 10-K for the year ended June 27, 2020, as filed with the Securities and Exchange Commission (the SEC), and the Companys subsequent filings with the SEC. Sysco does not undertake to update its forward-looking statements, except as required by applicable law.

About SyscoSysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 57,000 associates, the company operates 326 distribution facilities worldwide and serves more than 625,000 customer locations. For fiscal 2020 that ended June 27, 2020, the company generated sales of more than $52 billion. Information about our CSR program, including Syscos 2020 Corporate Social Responsibility Report, can be found at www.sysco.com/csr2020report.

For more information, visitwww.sysco.com or connect with Sysco on Facebook atwww.facebook.com/SyscoFoods or Twitter at https://twitter.com/Sysco. For important news and information regarding Sysco, visit the Investor Relations section of the companys Internet home page atwww.investors.sysco.com which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. In addition, investors should continue to review our news releases and filings with the SEC. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.

Investor Contact: Media contact:Rachel Lee Shannon Mutschler281-436-7815 281-584-4059rachel.lee@sysco.com shannon.mutschler@sysco.com