QXO Prices Debt Sale for TopBuild Deal
The building-products distributor set 6.500% and 6.875% coupons on notes due in 2031 and 2034.
QXO (QXO), a building-products distributor, priced a $3.0 billion senior-note financing at par to help fund its planned acquisition of TopBuild.
The transaction moved the financing package from an intended offering to a priced debt sale, giving investors the coupon and par-pricing terms that were absent from the prior announcement.
QXO split the notes evenly, with $1.5 billion of 6.500% senior notes due 2031 and $1.5 billion of 6.875% senior notes due 2034.
Two days earlier, the company had said it intended to offer $1.5 billion of each maturity, subject to market conditions, leaving the cost of the debt and final pricing terms open.
QXO also said the senior-notes offering is expected to close on June 17, 2026, adding a timetable that the June 2 offering announcement did not include.
The financing remained tied to the TopBuild transaction. QXO said proceeds from the notes, new term-loan borrowings, Series C convertible preferred proceeds and cash from QXO and TopBuild will fund the acquisition and repay or repurchase TopBuild debt, keeping the same use-of-proceeds framework it had outlined earlier in the week.
Source: company public filings.