Sysco Announces $1.0 Billion Common Stock Offering to Fund Jetro Restaurant Depot Acquisition

Corporate ActionM&A · Partnership
โดย GlobeNewswire·US·Read original
Summary · why it matters

Sysco Corporation announced it intends to make an offering of $1.0 billion of shares of its common stock. The company plans to grant the underwriters a 30-day option to purchase up to an additional $150 million of shares solely to cover overallotments, if any, at the same price per share as the other shares purchased in the offering. Sysco said it intends to use the net proceeds to finance a portion of the consideration for its pending acquisition of Jetro Restaurant Depot, and noted the offering is not contingent on the consummation of that acquisition. Goldman Sachs & Co. LLC and TD Securities (USA) LLC are acting as lead book-running managers, with BofA Securities, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC also acting as book-running managers. The offering will be made by means of a prospectus supplement under Sysco's shelf registration statement on Form S-3ASR filed with the Securities and Exchange Commission.

Impact on stocks 3

Financials▲ · 2 stocks
Consumer Staples▼ · 1 stocks
Sysco Corporation
SYY
▼ NegativeCapitalrelevance

Sysco is issuing $1.0B of new common stock (plus overallotment option), diluting existing shareholders to fund the Jetro acquisition.

Off-coverage companies 2

Jetro Restaurant DepotPrivate± Mixed
Capitalrelevance

Jetro Restaurant Depot is the acquisition target being funded by Sysco's offering; no new development about Jetro itself.

J.P. Morgan Securities LLCPrivate± Mixed
relevance

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