TD SYNNEX CORP 8-K

What Happened
TD SYNNEX Corporation announced on June 26, 2026 that it and certain subsidiaries entered into documentation establishing a European receivables securitization program (the "EU Securitization Program"). The program names TD SYNNEX Ireland Receivables I DAC as the issuer/final purchaser and BNP Paribas S.A., Dublin Branch as master purchaser; senior note subscribers committed an aggregate EUR 650 million. TD SYNNEX Corporation provided a guaranty for certain obligations of the seller entities and other transaction parties. The structure is a revolving securitization during a reloading period under which eligible receivables from seller entities in Belgium, France, Germany and Spain can be sold into the program.

Key Details

• Senior note commitment: EUR 650,000,000 under the Senior Variable Funding Notes Facility.
• Parties: Issuer — TD SYNNEX Ireland Receivables I DAC; Master Purchaser — BNP Paribas S.A., Dublin Branch; Programme Servicer/Cash Manager — TD SYNNEX UK Acquisition Limited; senior note subscribers include BNP Paribas, Banco Santander and Crédit Agricole CIB.
• Term and extension: Scheduled Amortisation Date is June 25, 2028; parties may agree to extend to June 2031.
• Protections and risks: revolving structure with weekly interest/payments, ratings-based performance thresholds (Level 2/Level 3) that trigger enhanced collection/servicing protections, and customary early amortization and issuer-event-of-default provisions (which can stop new advances and permit enforcement of transaction security). The documents provide limited recourse and non‑petition protections for the Issuer.

Why It Matters
This securitization provides TD SYNNEX a committed funding source (up to EUR 650M) to convert eligible European receivables into cash, supporting working capital and liquidity management. However, TD SYNNEX has guaranteed certain seller obligations and the program includes early‑amortization and default triggers that could curtail funding or lead to accelerated repayment if specific breaches or rating-related thresholds occur. Investors should view this as a financing arrangement that improves near‑term liquidity but creates contingent exposures tied to program performance and the company’s contractual guarantees.

(Agreements referenced in the filing are attached as exhibits to the 8‑K.)