2023-05-17 18:00:37 ET
- XPO ( NYSE: XPO ) on Wednesday priced its $700 million term loan facility, $830 million of senior secured notes due 2028, and $450 million of senior unsecured notes due 2031.
- The term loan will have an interest rate of SOFR plus 2.00% or alternate base rate plus 1.00% and a 0% SOFR floor at an issue price of 99.5%.
- The maturity date of the term loan is expected to be May 24, 2028.
- The secured notes will bear interest at a rate of 6.250% per annum and mature on June 1, 2028.
- The unsecured notes will bear interest at a rate of 7.125% per annum and mature on June 1, 2031.
- The notes will be issued at par.
- Net proceeds from the term loan and the notes, together with cash on hand, will be used to repay term loan principal and accrued interest outstanding under its existing secured term loan facility and other costs.
- The remaining portion of XPO’s existing term loans is expected to be repaid with cash on hand in the second quarter of 2023.
- Press Release .
For further details see:
XPO prices its term loan and senior notes