Deal Details

QXO Completes $920 Million Follow-On Offering and $575 Million Depositary Shares Offering

Industrial

QXO follow-on offering and depositary shares offering

Summary

QXO, Inc. (“QXO” or the “Company”) (NYSE: QXO) recently completed separate upsized underwritten public offerings of 55,757,576 shares of common stock, including 7,272,727 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares at a public offering price of $16.50 and $575 million of depositary shares, including $75 million of depositary shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares at a public offering price of $50.00 (the “Offerings”). Each depositary share represents a 1/20th interest in a share of newly issued 5.50% Series B Mandatory Convertible Preferred Stock.

Gross proceeds from the Offerings will be approximately $1.5 billion, before deducting underwriting commissions and offering expenses. QXO intends to use the net proceeds from the Offerings to repay indebtedness under the Company’s senior secured term loan facility.

Baird served as a bookrunner on these Offerings.

About

QXO is the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States. The Company plans to become the tech-enabled leader in the $800 billion building products distribution industry and generate outsized value for shareholders. QXO is targeting $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. QXO is headquartered in Greenwich, Connecticut.