{"id":454630,"date":"2021-03-10T08:03:15","date_gmt":"2021-03-10T13:03:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454630"},"modified":"2021-03-10T08:03:15","modified_gmt":"2021-03-10T13:03:15","slug":"sysco-announces-1-1-billion-debt-reduction-in-anticipation-of-impending-market-recovery","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sysco-announces-1-1-billion-debt-reduction-in-anticipation-of-impending-market-recovery\/","title":{"rendered":"Sysco Announces $1.1 Billion Debt Reduction in Anticipation of Impending Market Recovery"},"content":{"rendered":"
\n

HOUSTON, March 10, 2021 (GLOBE NEWSWIRE) — Sysco Corporation (NYSE:SYY), the leading global foodservice distribution company, announced today it had reduced its outstanding debt by a total of $1.1 billion.<\/p>\n

On March 9, the company repaid the remaining $700 million in outstanding borrowings under its long-term revolving credit facility that expires on June 28, 2024. In addition, on March 10, Sysco\u2019s United Kingdom-based subsidiary, Brake Bros Limited, repaid \u00a3300 million of its \u00a3600 million in aggregate principal amount of notes outstanding under its commercial paper program, equating to approximately $417 million in debt reduction.<\/p>\n

\u201cWe are increasingly confident of the impending market recovery and believe now is a prudent time to begin reducing debt levels. We have strong liquidity and continue to invest against both the market recovery and our transformation efforts,\u201d said Aaron Alt, Sysco\u2019s executive vice president and chief financial officer. \u201cWith recent momentum in vaccine approvals and administration, we expect operational restrictions impacting the foodservice industry will begin to ease.\u201d<\/p>\n

The debt payments were funded from cash on hand, and will reduce interest expense by approximately $15 million annually.<\/p>\n

\n
\n About Sysco<\/u>
\n
\n <\/strong>Sysco 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 Sysco\u2019s 2020 Corporate Social Responsibility Report, can be found at\u00a0www.sysco.com\/csr2020report<\/a>.<\/p>\n

For more information, visit\u00a0www.sysco.com<\/a>\u00a0or connect with Sysco on Facebook at\u00a0www.facebook.com\/SyscoCorporation<\/a>\u00a0or Twitter at\u00a0https:\/\/twitter.com\/Sysco<\/a>. For important news and information regarding Sysco, visit the Investor Relations section of the company\u2019s Internet home page at\u00a0www.investors.sysco.com<\/a>\u00a0which 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.\u00a0<\/p>\n\n\n\n\n\n\n\n
\n For more information contact:<\/strong>
\n \n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Shannon Mutschler<\/td>\nRachel Lee<\/td>\n<\/tr>\n
Media Contact<\/td>\nInvestor Relations Contact<\/td>\n<\/tr>\n
\n Shannon.Mutschler@sysco.com<\/a>\u00a0<\/td>\n\n Rachel.Lee@sysco.com<\/a>\u00a0<\/td>\n<\/tr>\n
T 281-584-4059<\/td>\nT 281-436-7815<\/td>\n<\/tr>\n<\/table>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

HOUSTON, March 10, 2021 (GLOBE NEWSWIRE) — Sysco Corporation (NYSE:SYY), the leading global foodservice distribution company, announced today it had reduced its outstanding debt by a total of $1.1 billion. On March 9, the company repaid the remaining $700 million in outstanding borrowings under its long-term revolving credit facility that expires on June 28, 2024. In addition, on March 10, Sysco\u2019s United Kingdom-based subsidiary, Brake Bros Limited, repaid \u00a3300 million of its \u00a3600 million in aggregate principal amount of notes outstanding under its commercial paper program, equating to approximately $417 million in debt reduction. \u201cWe are increasingly confident of the impending market recovery and believe now is a prudent time to begin reducing debt levels. We have strong liquidity and … <\/p>\n

Continue reading “Sysco Announces $1.1 Billion Debt Reduction in Anticipation of Impending Market Recovery”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-454630","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSysco Announces $1.1 Billion Debt Reduction in Anticipation of Impending Market Recovery - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sysco-announces-1-1-billion-debt-reduction-in-anticipation-of-impending-market-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sysco Announces $1.1 Billion Debt Reduction in Anticipation of Impending Market Recovery - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"HOUSTON, March 10, 2021 (GLOBE NEWSWIRE) — Sysco Corporation (NYSE:SYY), the leading global foodservice distribution company, announced today it had reduced its outstanding debt by a total of $1.1 billion. On March 9, the company repaid the remaining $700 million in outstanding borrowings under its long-term revolving credit facility that expires on June 28, 2024. In addition, on March 10, Sysco\u2019s United Kingdom-based subsidiary, Brake Bros Limited, repaid \u00a3300 million of its \u00a3600 million in aggregate principal amount of notes outstanding under its commercial paper program, equating to approximately $417 million in debt reduction. \u201cWe are increasingly confident of the impending market recovery and believe now is a prudent time to begin reducing debt levels. 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