Sysco repays $700 million under revolving credit facility due 2024

By Taylor Fox

New York, March 10 – Sysco Corp. repaid the remaining $700 million of outstanding borrowings under its long-term revolving credit facility due June 28, 2024, according to a news release.

Subsidiary Brake Bros. Ltd. also repaid £300 million of the £600 million notes outstanding under its commercial paper program for a total debt reduction of $1.1 billion.

The payments were funded using cash on hand and will reduce interest expense by about $15 million annually.

“We are increasingly confident of the impending market recovery and believe now is a prudent time to begin reducing debt levels,” said Sysco executive vice president and chief financial officer Aaron Alt in the release.

“We have strong liquidity and continue to invest against both the market recovery and our transformation efforts.”

Sysco is a global foodservice distribution company based in Houston.

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