USA: Sysco International sells US$200m in Senior Notes Due 2012
Sysco International, a wholly-owned subsidiary of the largest foodservice marketing and distribution firm in the US, Sysco Corporation, has sold US$200m of senior notes due 1 June 2012 in a private offering with registration rights.
The notes bear interest at a rate of 6.10% per annum, which will be paid on 1 December and 1 June, beginning 1 December 2002. The notes are fully and unconditionally guaranteed by Sysco Corporation, are unsecured, include a redemption privilege which allows the company to retire the notes at any time prior to maturity with a make whole provision and are not subject to any sinking fund requirement.
The company announced that proceeds from the offering will be used to repay commercial paper issued by Sysco International in connection with the acquisition of the SERCA foodservice business in Canada.
The notes have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and were offered and sold only to qualified institutional buyers in reliance on Section 4(2) under the Securities Act.
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