QXO, Inc., a company in the building products distribution industry, has successfully raised $1.5 billion through public offerings. The offerings included $920 million of common stock and $575 million of depositary shares. Each depositary share represents a 1/20th interest in a share of QXO’s 5.50% Series B mandatory convertible preferred stock.
The funds from these offerings will be used to repay indebtedness under QXO’s term loan facility. This financial move is expected to enhance the company’s position for future acquisition opportunities. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC were the lead joint bookrunning managers for the transaction.
Paul, Weiss advised QXO on this financial endeavor. The team was led by corporate partner David Huntington and counsel David Sobel, with contributions from partner Kerri Durso and tax partner Scott Sontag and counsel Alyssa Wolpin.