XPO Logistics to price $300 million tap of 6¼% notes due 2025 in Thursday drive-by

By Paul A. Harris

Portland, Ore., May 21 – XPO Logistics, Inc. plans to price a $300 million add-on to its 6¼% senior notes due May 1, 2025 (existing ratings Ba3/BB-) in a Thursday drive-by, according to a syndicate source.

Goldman Sachs & Co. LLC is the left bookrunner. Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.

The Rule 144A and Regulation S for life add-on notes become callable on May 1, 2022 at 103.125.

The Greenwich, Conn.-based transportation and logistics company plans to use the proceeds for general corporate purposes, which may include repayment of debt under its revolver, repayment and/or redemption of its 6½% senior notes due 2022 and/or the repayment of other debt.

The original $850 million issue priced on April 23, 2020.

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