v3.26.1
Borrowings
 6 Months Ended
May 31, 2026
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS:
Borrowings consist of the following:
As of
May 31, 2026November 30, 2025
TD SYNNEX 1.750% Senior Notes due August 9, 2026 (1) (2)
$700,000 $700,000 
Other short-term borrowings426,032 319,260 
Short-term borrowings before debt discount and issuance costs$1,126,032 $1,019,260 
Less: current portion of unamortized debt discount and issuance costs
(234)(939)
Borrowings, current$1,125,798 $1,018,321 
TD SYNNEX 2.375% Senior Notes due August 9, 2028 (1) (2)
$600,000 $600,000 
TD SYNNEX 4.300% Senior Notes due January 17, 2029 (2)
550,000 550,000 
TD SYNNEX 2.650% Senior Notes due August 9, 2031 (1) (2)
500,000 500,000 
TD SYNNEX 6.100% Senior Notes due April 12, 2034 (2)
600,000 600,000 
TD SYNNEX 5.300% Senior Notes due October 10, 2035 (2)
600,000 600,000 
Total TD SYNNEX Senior Notes in long-term debt
$2,850,000 $2,850,000 
2024 Term Loan
750,000 750,000 
Other credit agreements and long-term debt14,562 14,562 
Long-term borrowings, before unamortized debt discount and issuance costs$3,614,562 $3,614,562 
Less: unamortized debt discount and issuance costs(20,391)(22,432)
Long-term borrowings$3,594,171 $3,592,130 
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(1) The interest rate payable on each of these series of Senior Notes is subject to adjustment from time to time if the credit rating assigned to such series of Senior Notes is downgraded (or downgraded and subsequently upgraded).
(2) The Company pays interest semi-annually on each of these series of Senior Notes.
TD SYNNEX Accounts Receivable Securitization Arrangements
In the U.S., the Company has an accounts receivable securitization program to provide additional capital for its operations (the “U.S. AR Arrangement”). Under the terms of the U.S. AR Arrangement, as amended, the Company and its subsidiaries that are party to the U.S. AR Arrangement can borrow based on the key terms in the table below:
Maximum Borrowing Capacity (1)
Maturity Date
Effective Borrowing Cost(2)
Program Fee Payable(3)
Facility Fee Payable(4)
$1,500,000January 20, 2028
Blended rate
0.85%
0.30% - 0.40%
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(1) Based on eligible trade accounts receivable.
(2) Based upon the composition of the lenders, that includes prevailing dealer commercial paper rates and a rate based upon SOFR.
(3) Payable on the used portion of the lenders’ commitment; accrues per annum.
(4) Payable on the adjusted commitment of the lenders, accrues at different tiers per annum depending on the amount of outstanding advances from time to time.
Under the terms of the U.S. AR Arrangement, the Company and certain of its U.S. subsidiaries sell, on a revolving basis, their receivables to a wholly-owned, bankruptcy-remote subsidiary. Such receivables, which are recorded in the Consolidated Balance Sheet, totaled approximately $4.0 billion and $3.2 billion as of May 31, 2026 and November 30, 2025, respectively. The borrowings are funded by pledging all of the rights, title and interest in the receivables acquired by the Company's bankruptcy-remote subsidiary as security. Any amounts borrowed under the U.S. AR Arrangement are recorded as debt on the Company's Consolidated Balance Sheets. There were no amounts outstanding under the U.S. AR Arrangement at May 31, 2026 or November 30, 2025.
On June 26, 2026, the Company and certain of its subsidiaries entered into a European receivables securitization program (the "Europe AR Arrangement") with a maximum borrowing capacity of €650 million arranged by BNP Paribas S.A. (“BNPP”) pursuant to which certain receivables originated by the Company’s subsidiaries in Belgium, France, Germany and Spain will be sold to an affiliate of BNPP and subsequently to a special purpose entity in Ireland. Any amounts borrowed under the Europe AR Arrangement will be recorded as debt on the Company's Consolidated Balance Sheets.
TD SYNNEX Credit Agreement
The Company is party to an amended and restated credit agreement, dated as of April 16, 2024 (as amended, the “TD SYNNEX Credit Agreement”) with the lenders party thereto and Citibank, N.A., as agent, pursuant to which the Company received commitments for the extension of a senior unsecured revolving credit facility (the “TD SYNNEX Revolving Credit Facility”) not to exceed an aggregate principal amount of $3.5 billion, which may, at the request of the Company but subject to the lenders’ discretion, potentially be increased by up to an aggregate amount of $500.0 million. The borrowers under the TD SYNNEX Credit Agreement are TD SYNNEX Corporation and certain subsidiaries of the Company. There were no amounts outstanding under the TD SYNNEX Revolving Credit Facility at May 31, 2026 or November 30, 2025. Borrowings under the TD SYNNEX Revolving Credit Facility bear interest at a per annum rate equal to the applicable SOFR rate, plus a credit spread adjustment, plus the applicable margin, as well as a commitment fee as referenced in the table below:
Maturity DateCredit Spread Adjustment
Margin(2)
Commitment Fee(3)
April 16, 2029(1)
0.10%
1.000%-1.750%
0.100%-0.300%
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(1) As amended, the TD SYNNEX revolving credit facility will mature on April 16, 2029, subject, in the lender's discretion to two one-year extensions upon the Company's prior notice to lenders.
(2) The margin is based on the Company’s Public Debt Rating (as defined in the TD SYNNEX Credit Agreement). The applicable margin on base rate loans is 1.00% less than the corresponding margin on SOFR rate based loans.
(3) The commitment fee range is applied to any unused commitment under the TD SYNNEX Revolving Credit Facility based on the Company’s Public Debt Rating.
TD SYNNEX Term Loan Credit Agreement
On April 19, 2024, the Company entered into a Term Loan Credit Agreement (the "2024 Term Loan Credit Agreement") with the initial lenders party thereto, Bank of America N.A., as administrative agent for the lenders, and BOFA Securities, Inc. as lead arranger and lead bookrunner. The 2024 Term Loan Credit Agreement provides for a senior unsecured term loan in the aggregate principal amount of $750.0 million (the "2024 Term Loan"). The borrower under the 2024 Term Loan is the Company.
Loans borrowed under the 2024 Term Loan Credit Agreement bear interest at a per annum rate equal to the applicable SOFR rate, plus credit spread adjustment, plus the applicable margin within a range based on the Company’s Public Debt Rating (as defined in the 2024 Term Loan Credit Agreement). Key terms for the 2024 Term Loan Credit Agreement are as follows:
Maturity DateCredit Spread AdjustmentMargin
Effective Interest Rate as of May 31, 2026
Effective Interest Rate as of November 30, 2025
September 1, 20270.10%
1.000% - 1.625%
4.97%5.27%
TD SYNNEX Senior Notes
The Company has previously issued multiple series of senior unsecured notes (collectively, the "Senior Notes"), of which $700.0 million in aggregate principal is due in 2026 and the remaining $2.9 billion of aggregate principal matures at various dates from 2028 through 2035, as shown in the borrowings table above.
The Company may redeem the outstanding Senior Notes, in whole or in part, at any time and from time to time, prior to respective Par Call Dates (as reflected in the table below) at a redemption price equal to the greater of (x) 100% of the aggregate principal amount of the applicable Senior Notes to be redeemed and (y) the sum of the present values of the remaining scheduled payments of the principal and interest on the Senior Notes, in each case discounted to the date of redemption (assuming the applicable Senior Notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable treasury rate (as defined in the supplemental indenture establishing the terms of the applicable Senior Notes) plus the applicable spread, as shown in the table below, plus in each case, accrued and unpaid interest thereon to, but excluding, the redemption date. The Company may also redeem the Senior Notes of any series at its option, in whole or in part, at any time and from time to time on or after the applicable Par Call Date, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed.
Par Call Dates and the spread to the applicable treasury rate for the respective outstanding Senior Notes are as follows:
Senior NotesPar Call DateSpread (in basis points)
Senior Notes due 2026July 9, 202620
Senior Notes due 2028June 9, 202825
Senior Notes due 2029December 17, 202815
Senior Notes due 2031May 9, 203125
Senior Notes due 2034January 12, 203430
Senior Notes due 2035July 10, 203520
Other Short-Term Borrowings
The Company has various other committed and uncommitted lines of credit with financial institutions, short-term loans, term loans, credit facilities, and book overdraft facilities, totaling approximately $856.5 million in borrowing capacity as of May 31, 2026. Most of these facilities are provided on a short-term basis and are reviewed periodically for renewal. Interest rates and other terms of borrowing under these lines of credit vary by country, depending on local market conditions. There was $426.0 million outstanding on these facilities at May 31, 2026, at a weighted average interest rate of 6.92%, and there was $319.3 million outstanding at November 30, 2025, at a weighted average interest rate of 5.72%. Borrowings under these lines of credit facilities are guaranteed by the Company or secured by eligible accounts receivable.
At May 31, 2026, the Company was also contingently liable for reimbursement obligations with respect to issued standby letters of credit in the aggregate outstanding amount of $64.1 million. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions.
The maximum commitment amounts for local currency credit facilities have been translated into U.S. dollars at May 31, 2026 exchange rates.
Covenant Compliance
The Company's credit facilities have a number of covenants and restrictions that require the Company to maintain specified financial ratios, including a maximum debt to EBITDA ratio and a minimum interest coverage ratio, in each case tested on the last day of each fiscal quarter. The covenants also limit the Company’s ability to incur additional debt, create liens, enter into agreements with affiliates, modify the nature of the Company’s business, and merge or consolidate. As of May 31, 2026, the Company was in compliance with all material financial covenants for the above arrangements.