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XPO purchases $407.62 million 6¼% notes via tender offer
By Wendy Van Sickle
Columbus, Ohio, Nov. 18 – XPO Logistics, Inc. purchased $407,624,000 principal amount of its notes for a total purchase price of about $418 million under its tender offer for any and all of its $520 million outstanding 6¼% notes due 2025 (Cusips: 983793AH3 and U9840VAH6), according to a press release.
The company paid $1,022.50 per $1,000 note for all tenders, which was $10 higher than the original offer of $1,012.50 for noteholders who tendered by the early deadline.
Following settlement, $112,376,000 of the notes are outstanding.
When the offer was announced on Oct. 19, there was to be an early tender payment of $50 included in the planned $1,012.50 consideration; however, the early payment consideration was eliminated and all holders received the full consideration regardless of when they tendered their notes.
Also, the company was initially conducting a concurrent solicitation of 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. However, the consent solicitation was eliminated.
The tender offer expired at 5 p.m. ET on Nov. 17.
Settlement took place Nov. 18.
Citigroup Global Markets, Inc. (800 558-3745, 212 723-6106 or ny.liabilitymanagement@citi.com) was the lead dealer manager in the tender offer and lead solicitation agent.
Morgan Stanley & Co. LLC was 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) was 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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