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XPO tenders, seeks consents for $520 million 6¼% notes due 2025
By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – XPO Logistics, Inc. began a cash tender offer for any and all of its outstanding $520 million of 6¼% notes due 2025 (Cusips: 983793AH3 and U9840VAH6), according to a news release.
The company is concurrently soliciting consents from noteholders to proposed amendments to the indenture, providing for, among other things, the elimination of substantially all of the restrictive covenants, certain events of default and the guarantees. Holders may not tender their notes without delivering consents.
The company is offering a total consideration of $1,012.50 per $1,000 principal amount of notes to holders who tender and deliver their consents by the early deadline, 5 p.m. ET on Nov. 1.
The total consideration includes an early tender payment of $50 per $1,000 principal amount that will not be paid to holders who tender after the early deadline.
The tender offer and consent solicitation will expire at 5 p.m. ET on Nov. 17.
Holders will also receive accrued interest to the relevant settlement date. Early settlement is expected to occur on Nov. 2 and final settlement on Nov. 18.
The consent solicitation must yield consents from holders of at least a majority in principal amount of the notes to be successful.
Citigroup Global Markets, Inc. (800 558-3745, 212 723-6106 or ny.liabilitymanagement@citi.com) is the lead dealer manager in the tender offer and lead solicitation agent.
Morgan Stanley & Co. LLC is the co-dealer manager in the tender offer and the co-solicitation agent.
Global Bondholder Services Corp. (855 654-2015, 212 430-3774 or contact@gbsc-usa.com) is tender and information agent for the tender offer and consent solicitation.
XPO is a Greenwich, Conn.-based provider of supply chain solutions.
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