GXO Announces Pricing of $1.1 Billion Notes Offering

GREENWICH, Conn., April 25, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (“GXO” or the “company”) (NYSE: GXO) today announced the pricing of $600 million of notes due 2029 (the “2029 notes”) and $500 million of notes due 2034 (the “2034 notes”, and together with the 2029 notes, the “notes”) in a registered public offering. Each offering of notes is expected to close on May 6, 2024, subject to the satisfaction of customary closing conditions.

The 2029 notes will bear interest at a rate of 6.250% per annum payable semiannually in cash in arrears on May 6 and November 6 of each year, beginning November 6, 2024 and will mature on May 6, 2029. The 2034 notes will bear interest at a rate of 6.500% per annum payable semiannually in cash in arrears on May 6 and November 6 of each year, beginning November 6, 2024 and will mature on May 6, 2034.

GXO intends to use the net proceeds from the sale of the notes to fund its pending acquisition of Wincanton plc (“Wincanton”), to fund the redemption, repayment, prepayment or satisfaction and discharge or other payment in satisfaction of indebtedness of the company and its subsidiaries, to pay fees and expenses in respect of the foregoing, and for general corporate purposes. The closing of the offering is not conditioned upon the consummation of the Wincanton acquisition.

A shelf registration statement relating to the notes being offered was filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective on August 31, 2021. A preliminary prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and are available at the SEC’s website located at www.sec.gov. Any offers of the notes will be made only by means of a prospectus and the related preliminary prospectus supplement, copies of which may be obtained, when available, from BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: [e-mail], 1-800-294-1322 or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: [phone] or email: [e-mail].