Sysco Corporation Form 8-K Filing

Sysco Corporation filed a Form 8-K detailing a First Amendment to their Credit Agreement, establishing a $750 million senior unsecured delayed draw term loan facility. This facility includes a $375 million six-year tranche and a $375 million eight-year tranche, available for drawing over one year. The proceeds are intended for general corporate purposes, including acquisitions, specifically to fund the cash consideration for the proposed acquisition of JRD Unico, Inc. and Warehouse Realty, LLC. The filing also disclosed one-time performance share unit awards for CEO Kevin P. Hourican ($2 million) and Interim CFO Brandon E. Sewell ($1 million), contingent on the JRD Acquisition closing. Additionally, a $700,000 cash award was approved for CHRO Ronald L. Phillips, contingent on his continued employment through the JRD Acquisition closing and vesting in two installments.