XPO Logistics to sell $1 billion 5.5-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Feb. 19 – XPO Logistics, Inc. plans to price $1 billion of 5.5-year senior notes in a quick-to-market Tuesday trade following a mid-morning conference call with investors, according to a syndicate source.

Citigroup Global Markets Inc. is the left bookrunner for the Rule 144A and Regulation S for life notes offering. Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners.

The notes become callable after 2.5 years at par plus 50% of the coupon and feature a 2.5-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Greenwich, Conn.-based provider of supply chain solutions plans to use the proceeds to pay off its $500 million unsecured credit agreement and for general corporate purposes, including purchases of common stock as part of its new share repurchase program.

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