XPO Logistics starts international roadshow for $2 billion equivalent four-part notes offering

By Paul A. Harris

Portland, Ore., June 1 – XPO Logistics, Inc. began an international roadshow on Monday in London for a $2 billion equivalent offering of senior notes (B1/B), which will come in four tranches, according to a syndicate source.

The roadshow continues in London on Tuesday and moves to Paris on Wednesday.

The Rule 144A and Regulation S for life deal is expected to price late in the present week.

The Greenwich, Conn.-based provider of transportation logistics services is offering sterling-denominated five-year fixed-rate notes with two years of call protection.

In addition the company is selling euro-denominated five-year floating-rate notes with one year of call protection and euro-denominated six-year fixed-rate notes with 2.5 years of call protection.

For the sterling- and euro-denominated tranches JPMorgan is the left bookrunner and will bill and deliver.

The deal also features a dollar-denominated tranche of seven-year fixed-rate notes with three years of call protection. Morgan Stanley & Co. is the left bookrunner for the dollar-denominated tranche, for which it will bill and deliver.

Tranche sizes remain to be announced.

JPMorgan and Morgan Stanley are the global coordinators. Citigroup, Credit Suisse and Deutsche Bank are the joint bookrunners.

Proceeds will be used to finance the acquisition of Lyon, France-based Norbert Dentressangle SA, global provider of contract logistics, freight brokerage, transportation and global forwarding services, in a transaction valued at €3.24 billion, including €1.08 billion of net debt.

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