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Sysco to repay $2.3 billion of debt issued by Brakes after buyout
By Susanna Moon
Chicago, March 22 – Sysco Corp. plans to pay down $2.3 billion of debt issued by Brakes Group in connection with its planned acquisition using proceeds of a new issue, according to a 424B3 filing with the Securities and Exchange Commission.
Specifically, the company plans to repay
• Senior secured credit facilities consisting of a £294.7 million D term loan facility, a £75 million revolving credit facility, a £583.5 million E term loan facility and a €130 million senior secured bank facility;
• Senior secured bank facilities comprising a SEK 250 million amortizing loan facility A and a SEK 50 million revolving term loan facility B;
• A £125 million receivables financing facility;
• An invoice discounting facility agreement;
• Senior credit facilities providing for a secured term facility of up to £15 million, an unsecured term facility of up to £25 million and a bridge facility of up to £5 million; and
• Amounts owed under a PIK facility agreement to any party other than Cucina Lux Investments Ltd. or a Brakes Group member.
Sysco planned to price senior notes in four tranches on Tuesday, with proceeds to be used to fund the company’s acquisition of Brakes Group.
In addition, some affiliates of the underwriters have made commitments for a £1.73 billion bridge term loan to help fund the acquisition and to refinance some of Brakes Group’s debt.
Brakes Group is a London-based European foodservice distributor with operations in the United Kingdom, Ireland, France, Sweden, Spain, Belgium and Luxembourg. It is owned by Bain Capital Private Equity.
Sysco is a Houston-based food service marketing and distribution company.
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