Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when SNX files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsTD SYNNEX secures EUR 650M European receivables facility through June 2028
Filed July 2, 2026 · Period ending June 26, 2026 · ~1 min read
Key Changes
-
high
TD SYNNEX established a EUR 650 million receivables securitization program with BNP Paribas, Banco Santander, and Crédit Agricole to fund working capital from European operations in Belgium, France, Germany, and Spain.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
The revolving facility matures June 25, 2028, with an option to extend to June 2031 by mutual agreement. Interest accrues weekly and is paid in arrears.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
The facility includes ratings-based triggers tied to TD SYNNEX's corporate credit rating. If ratings fall below specified thresholds, enhanced collection and cash management protections activate.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Standard early amortization events include payment defaults, insolvency, material adverse events, and cross-defaults. Triggering these events would terminate the revolving feature and give lenders control over collections.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
TD SYNNEX secured a EUR 650 million receivables securitization facility to fund working capital from its European operations across four countries. The two-year revolving program, extendable to 2031, allows the company to monetize receivables from Belgium, France, Germany, and Spain through a structured sale process to an issuer backed by three major European banks.
This diversifies TD SYNNEX's funding sources and provides flexible access to working capital tied to its European receivables base. The facility contains standard securitization protections including ratings-based triggers and early amortization events. If TD SYNNEX's credit rating deteriorates below specified levels, lenders gain enhanced oversight of collections and cash management.
Similarly, defaults or covenant breaches could terminate the revolving feature and accelerate repayment. These are routine structural features in receivables securitizations that balance lender risk with borrower flexibility. For investors, the facility represents a material expansion of TD SYNNEX's European liquidity capacity without immediate concerns, though the ratings triggers warrant monitoring if the company's creditworthiness changes.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The facility is intended to fund the Issuer’s purchase price for eligible receivables sold into the securitization structure and, in certain circumstances, weekly or ad hoc intraperiod advances. The transaction is structured as a revolving securitization during the reloading period, under which eligible receivables originated by the Seller Entities may be sold to the Master Purchaser and then on-sold to the Issuer. Interest on the senior notes and junior notes accrues over weekly interest periods within each monthly period and is payable in arrears on weekly payment dates and transaction dates. The ... last day of borrowing under the EU Securitization Program is the Scheduled Amortisation Date (as defined in the MDCTA), which is June 25, 2028, provided that the parties may agree to extend to June 2031.
The program operates as a revolving facility where receivables are sold through a two-step process to the issuer, with weekly interest payments. The initial maturity is June 25, 2028, with an option to extend to June 2031 by mutual agreement. This provides TD SYNNEX with flexible working capital financing backed by its European receivables portfolio.
Added in current filing · verify on EDGAR →
The Master Transfer and Servicing Agreement contains customary early amortization events, including payment defaults, reporting failures, breaches of obligations, failure to provide solvency certificates, invalidity of transaction documents, misrepresentations, insolvency events, material adverse events, cross-defaults, litigation, failure to fund required junior note advances, portfolio trigger breaches, back-up servicer appointment failures, failure to provide information to the calculation agent, annual audit failures and Issuer events of default. ... Upon the occurrence of an early amortization event, the revolving period may terminate, daily set-off may cease, collections may be swept daily to the master purchaser account, and the security trustee or senior notes subscribers may terminate the cash manager, activate the back-up cash manager and direct the appointment or activation of a back-up servicer.
The facility contains standard but extensive early amortization triggers including payment defaults, insolvency events, material adverse events, cross-defaults, and portfolio breaches. If triggered, the revolving feature terminates and lenders gain enhanced control over collections and servicing. This could restrict TD SYNNEX's liquidity if operational or financial issues arise.
Added in current filing · verify on EDGAR →
Upon the occurrence and continuation of an Issuer event of default or potential Issuer event of default, senior notes subscribers are not obligated to make further advances unless the applicable conditions precedent are satisfied. In addition, upon an Issuer event of default or a continuing early amortization event, senior notes subscribers may declare the senior notes immediately due and payable and may instruct the security trustee to serve a security enforcement notice and enforce the transaction security.
If an issuer default occurs, lenders can stop funding, accelerate all amounts due, and enforce security over the receivables. This standard securitization remedy could eliminate TD SYNNEX's access to the EUR 650 million facility and force immediate repayment if covenant breaches or other defaults occur.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jul 3, 2026 · How we verify