01—Abstract
Summary
Summary of the 8-K filed July 2, 2026. Cited figures are marked; the original filing is the authoritative source.
TD SYNNEX Corporation (SNX) disclosed in this Form 8-K that on June 26, 2026, it and certain subsidiaries entered into documentation for a European receivables securitization program (the "EU Securitization Program").
The Issuer, TD SYNNEX Ireland Receivables I Designated Activity Company, is the final purchaser, and BNP Paribas S.A., Dublin Branch serves as master purchaser. Senior noteholders BNP Paribas, Banco Santander S.A. and Crédit Agricole Corporate and Investment Bank committed an aggregate of EUR 650 million under the Senior Variable Funding Notes Facility Agreement. The facility is intended to fund purchases of eligible receivables originated by seller entities in Belgium, France, Germany and Spain, and TD SYNNEX Corporation has provided a guaranty of certain seller and transaction party obligations.
The program is structured as a revolving securitization during its reloading period, with interest accruing over weekly periods within monthly periods. The documents set ratings-based performance thresholds tied to TD SYNNEX Corporation's credit ratings, including Level 2 and Level 3 Required Ratings, which trigger enhanced collection, servicing and cash management protections. The agreements also include customary early amortization events and Issuer events of default, which permit the senior noteholders to accelerate the notes, instruct enforcement of transaction security, and terminate the cash manager or direct a back-up servicer.
The last day of borrowing is the Scheduled Amortisation Date of June 25, 2028, which the parties may agree to extend to June 2031. The filing describes the program's terms by reference to three agreements filed as Exhibits 10.1, 10.2 and 10.3, with certain schedules omitted under Regulation S-K. The filing does not state a dollar amount for the program beyond the EUR 650 million senior commitment.
02—Key points
Key Highlights
- On June 26, 2026, TD SYNNEX and certain subsidiaries entered into documentation for a European receivables securitization program.
- Senior notes subscribers committed an aggregate of EUR 650 million under the Senior Variable Funding Notes Facility Agreement.
- Senior notes subscribers are BNP Paribas, Banco Santander S.A. and Crédit Agricole Corporate and Investment Bank; BNP Paribas S.A., Dublin Branch is master purchaser.
- Seller entities in Belgium, France, Germany and Spain may sell eligible receivables, and TD SYNNEX Corporation has provided a guaranty of certain obligations.
- The program is a revolving securitization during its reloading period, with ratings-based thresholds (Level 2 and Level 3 Required Ratings) tied to TD SYNNEX's credit ratings.
- The last day of borrowing is the Scheduled Amortisation Date of June 25, 2028, which the parties may agree to extend to June 2031.
- Customary early amortization events and Issuer events of default could allow noteholders to accelerate the notes and enforce transaction security.
03—Questions
Frequently Asked Questions
What did TD SYNNEX agree to in this filing?
TD SYNNEX and certain subsidiaries entered into documentation on June 26, 2026 for a European receivables securitization program, under which eligible receivables from seller entities in Belgium, France, Germany and Spain can be sold to a master purchaser and then on-sold to an Irish issuer.
How large is the facility?
The senior notes subscribers committed an aggregate of EUR 650 million under the Senior Variable Funding Notes Facility Agreement.
Who are the parties to the program?
The issuer is TD SYNNEX Ireland Receivables I Designated Activity Company, the master purchaser is BNP Paribas S.A., Dublin Branch, and the senior notes subscribers are BNP Paribas, Banco Santander S.A. and Crédit Agricole Corporate and Investment Bank. TD SYNNEX UK Acquisition Limited acts as program servicer and cash manager, and CSC Trustees Limited is security trustee.
Does TD SYNNEX guarantee the program?
Yes. TD SYNNEX Corporation has provided a guaranty in respect of certain obligations of the seller entities and other TD SYNNEX transaction parties under the transaction documents.
When does the program's borrowing period end?
The last day of borrowing is the Scheduled Amortisation Date, June 25, 2028, provided that the parties may agree to extend it to June 2031.
04—Continue