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XPO Logistics to launch $1.75 billion term loan B on Tuesday
By Sara Rosenberg
New York, Oct. 8 – XPO Logistics Inc. is scheduled to hold a bank meeting at 2 p.m. ET in New York on Tuesday to launch a $1.75 billion senior secured term loan B, according to a market source.
Morgan Stanley Senior Funding Inc., Barclays, Credit Agricole Securities Inc., Deutsche Bank Securities Inc., HSBC Securities Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.
Proceeds will be used to help fund the acquisition of Con-way Inc. for $47.60 per share, to refinance existing Con-way debt and for general corporate purposes. The total transaction value is about $3 billion, including $290 million of net debt.
Closing is expected this month, subject to completion of a tender offer for Con-way’s shares and customary conditions, including regulatory approvals.
XPO is a Greenwich, Conn.-based provider of supply chain solutions. Con-way is an Ann Arbor, Mich.-based transportation and logistics company.
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