QXO announces common stock, depositary shares offerings totaling $1B

QXO (QXO) announced the launch of concurrent separate underwritten public offerings of (i) shares of its common stock and (ii) depositary shares, each representing a 1/20th interest in a share of new Series B Mandatory Convertible Preferred Stock of the company. The aggregate gross proceeds from the offerings are expected to be $1.0B. QXO intends to use the net proceeds from the offerings to repay indebtedness under the company’s senior secured term loan facility, which will strengthen the company’s position with respect to future acquisition opportunities. Goldman Sachs & Co. and Morgan Stanley are acting as lead joint bookrunning managers for the offerings.