Filed Pursuant to Rule 433
Issuer Free Writing Prospectus dated February 11, 2020
Relating to Preliminary Prospectus Supplement dated February 11, 2020 to
Prospectus dated August 27, 2018
Registration No. 333-227056
FINAL PRICING TERMS
SYSCO CORPORATION
$500,000,000 2.400% Senior Notes due 2030
$500,000,000 3.300% Senior Notes due 2050
Issuer: | Sysco Corporation | |||
Expected Ratings*: | A3 (Stable) by Moody’s Investors Service, Inc. BBB+ (Stable) by Standard & Poor’s Ratings Services | |||
Guarantee: | Unconditionally guaranteed by certain subsidiaries of Sysco Corporation | |||
Title of Security: | 2.400% Senior Notes due 2030 | 3.300% Senior Notes due 2050 | ||
Principal Amount: | $500,000,000 | $500,000,000 | ||
Maturity Date: | February 15, 2030 | February 15, 2050 | ||
Coupon: | 2.400% | 3.300% | ||
Interest Payment Dates: | February 15 and August 15, commencing August 15, 2020 | February 15 and August 15, commencing August 15, 2020 | ||
Price to Public: | 99.647% of the principal amount | 99.811% of the principal amount | ||
Benchmark Treasury: | 1.750% due November 15, 2029 | 2.250% due August 15, 2049 | ||
Benchmark Treasury Yield: | 1.590% | 2.060% | ||
Spread to Benchmark Treasury: | T + 85 bps | T + 125 bps | ||
Yield to Maturity: | 2.440% | 3.310% | ||
Optional Redemption Provision: | ||||
Make-Whole Call: | T + 15 bps | T + 20 bps | ||
Par Call: | On or after November 15, 2029 (three months prior to maturity) | On or after August 15, 2049 (six months prior to maturity) | ||
Change of Control: | Upon the occurrence of both (i) a change of control of Sysco Corporation and (ii) a downgrade of the notes below an investment grade within a specified period, as more particularly described in the preliminary prospectus supplement, Sysco Corporation will be required to make an offer to purchase the notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. | |||
Trade Date: | February 11, 2020 | |||
Expected Settlement Date: | T + 2; February 13, 2020 | |||
CUSIP/ISIN Numbers: | 871829 BK2 / US871829BK24 | 871829 BJ5 / US871829BJ50 |
Joint Book-Running Managers: | BofA Securities, Inc. Goldman Sachs & Co. LLC J.P. Morgan Securities LLC TD Securities (USA) LLC Wells Fargo Securities, LLC Deutsche Bank Securities Inc. HSBC Securities (USA) Inc. U.S. Bancorp Investments, Inc. | |||
Co-Managers: | PNC Capital Markets LLC Santander Investment Securities Inc. Siebert Williams Shank & Co., LLC SunTrust Robinson Humphrey, Inc. Barclays Capital Inc. BNP Paribas Securities Corp. Lloyds Securities Inc. Rabo Securities USA, Inc. Scotia Capital (USA) Inc. |
*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
No PRIIPs KID — No PRIIPs key information document (“KID”) has been prepared as not available to retail in EEA.
The issuer has filed a registration statement (including a prospectus) and related preliminary prospectus supplement with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement for this offering, the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. at1-800-294-1322, Goldman Sachs & Co. LLC at1-866-471-2526, J.P. Morgan Securities LLC at212-834-4533, TD Securities (USA) LLC at1-855-495-9846 and Wells Fargo Securities, LLC at1-800-645-3751.
2