01—Abstract
Summary
Summary of the 8-K filed June 6, 2025. Cited figures are marked; the original filing is the authoritative source.
Sysco Corporation (SYY) filed a Current Report on Form 8-K reporting that on June 4, 2025, it entered into Amendment No. 2 to its existing Credit Agreement dated as of April 29, 2022 (as previously amended by Amendment No. 1 dated June 11, 2024).
The agreement is among Sysco, Sysco Global Holdings B.V. (the "New Borrower"), Sysco Canada, Inc., Sysco EU II S.à r.l., Bank of America, N.A. as Administrative Agent, and the lenders and guarantors party thereto. Amendment No. 2 adds Sysco Global Holdings B.V. as a "Subsidiary Borrower" under the Amended Credit Agreement.
This allows the New Borrower to request and accept extensions of credit under the facility and assumes the obligations of a Subsidiary Borrower. The filing is reported under Item 1.01 (Entry into a Material Definitive Agreement) and Item 2.03 (Creation of a Direct Financial Obligation), with Item 2.03 incorporating Item 1.01 by reference.
The filing states that neither Sysco nor its affiliates have any material relationship with the other parties to the amendment, other than commercial banking, investment banking, underwriting, trust and other financial advisory services provided by certain lenders, for which they receive customary fees and expenses. The filing does not state any dollar amount of borrowing capacity or pricing terms.
02—Key points
Key Highlights
- Sysco entered into Amendment No. 2 to its Credit Agreement on June 4, 2025, with Bank of America, N.A. as Administrative Agent.
- Sysco Global Holdings B.V. was added as a "Subsidiary Borrower" and may request and accept extensions of credit under the Amended Credit Agreement.
- The Existing Credit Agreement is dated April 29, 2022 and was previously amended by Amendment No. 1 dated June 11, 2024.
- Additional parties include Sysco Canada, Inc. and Sysco EU II S.à r.l. as part of the credit facility arrangements.
- The filing is made under Item 1.01 (material definitive agreement) and Item 2.03 (direct financial obligation).
- Commercial and financial advisory relationships exist between Sysco and certain lenders, for which customary fees are paid.
- The filing does not disclose facility size, interest rate, or maturity terms.
03—Questions
Frequently Asked Questions
What did Sysco change in its credit agreement?
Amendment No. 2, entered June 4, 2025, joins Sysco Global Holdings B.V. as a Subsidiary Borrower, allowing it to request and accept extensions of credit and assume the obligations of a Subsidiary Borrower under the Amended Credit Agreement.
Who is the administrative agent for the credit agreement?
Bank of America, N.A. is the Administrative Agent under the Amended Credit Agreement, along with the lenders and guarantors party to it.
Does this amendment create new debt for Sysco?
The filing is reported under Item 2.03 as creating a direct financial obligation, but it does not state the amount of any borrowings or the size of the facility.
What was the prior history of this credit agreement?
The Existing Credit Agreement is dated April 29, 2022 and was amended by Amendment No. 1 dated June 11, 2024, before Amendment No. 2 was entered.
Are there any material relationships with the lenders?
The filing states there are no material relationships beyond commercial banking, investment banking, underwriting, trust and financial advisory services provided by certain lenders, for which they receive customary fees and expenses.
04—Continue