Commentary & Deal Flow

Reoffer: 30NC6: 6.000% / 100
Benchmark: 30NC6: DBR 1.7 15-Aug-32 / B+271.9bp

Tranche 1 (30NC6): Final Books > €2.8bn

Launched: 30NC6: €1bn @ 6.000%
IPTs: 30NC6: 6.500%a

• Issuers: Sysco Holdings and Sysco
• Guarantor: Existing Sysco Corporation Senior Notes Guarantors
• Issuers LEI: 254900HVBPYIWRRJXR33 / 5RGWIFLMGH3YS7KWI652
• Exp Corporate Ratings (M/S/F): Baa3 (S) / BBB (N) / BBB (NW)
• Exp Security Ratings (M/S/F): Ba1 / BB+ / BB+
• Exp Equity Credit:
  • Moody's: 50% equity credit until 10 years prior to contractual maturity
  • S&P: 50% equity credit until First Reset Date
  • Fitch: 50% equity credit until 5 years prior to contractual maturity
• Ranking: Junior Subordinated Notes
• Format: SEC Registered
• Tenor: 30NC6
• Size: €1bn
• Settlement Date: 06-Oct-26 (T+10)
• Maturity Date: 06-Oct-56
• First Reset Date: 06-Oct-32 (6Y)
• Interest Rate & Resets:
  • Fixed and payable in arrears from the Issue Date to (but excluding) the First Reset Date
  • Resets every 5 years following the First Reset Date to a new fixed rate equal to the Reference Rate plus the Initial Spread plus the relevant Step-Up
• Coupon: 6.000%
• Yield: 6.000%
• First Coupon Step (25bps): 06-Oct-37 (11Y)
• Second Coupon Step (75bps): 06-Oct-52 (26Y)
• Denominations: €100k+€1k
• Active Bookrunners: Goldman Sachs & Co. LLC (B&D), TD Securities, BofA Securities, J.P. Morgan, Wells Fargo Securities
• Early Redemption:
  • Par Call: callable, in whole or in part, at par plus accrued interest during the 90-days up to/including the First Reset Date and on each interest payment date thereafter
  • Make-whole Call: in whole and not in part, any time other than a par call date
• Optional Interest Deferral: Optional deferral at any time, for period of up to 10 consecutive years
• Special Event Redemption:
  • Tax Deductibility Call, Rating Agency Event: 101% until First Par Call Date, Par thereafter
  • Substantial Repurchase Event: (75%), Tax Withholding Event: Par
• Governing Law / Documentation: State of New York
• Clearing: Euroclear / Clearstream
• Listing: New York Stock Exchange (the "NYSE")
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Use of Proceeds: To pay the cash consideration for the JRD Acquisition Transactions and all other fees, costs and expenses related thereto or to pay the Special Mandatory Redemption
• Special Mandatory Redemption: 101% if acquisition of JRD does not occur
• Sales to Canada: Yes – via exemption
• MiFID II/UK MiFIR Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK disclosure document has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Offer Restrictions: This Preliminary Term Sheet is not an offer to sell or a solicitation of an offer to buy these securities in any jurisdiction where such offer, solicitation or sale is not permitted. The information in this Preliminary Term Sheet is preliminary and may be superseded by an additional term sheet provided to you prior to the time you enter into a contract of sale. This Preliminary Term Sheet is being delivered to you solely to provide you with information about the offering of the securities referred to herein.
• CUSIP / ISIN / Common Code: 87190XAA2 / XS3509683424 / 350968342
• Marketing: URL:https://dealroadshow.finsight.comEntry Code: SYSCO2026 Direct Link:https://dealroadshow.finsight.com/e/SYSCO2026
• Timing: Books open, today's business. Sysco may also pursue a separate USD and CAD note offering by way of a separate prospectus supplement, subject to market conditions. Neither offering will be subject to the completion of the other. Allocations & Pricing this PM.
• MAKE WHOLE/ CALL: 08-Jul-32@100
• Iss Sprd: +271.9bp vs DBR 1.7 15-Aug-32