QXO Raises $1.5 Billion in Public Offerings of Common Stock and Mandatory Convertible Preferred Stock

Paul, Weiss advised QXO, Inc., a public company launched by CEO Brad Jacobs in the building products distribution industry, in concurrent registered public offerings of $920 million of common stock and $575 million of depositary shares, each representing a 1/20th interest in a share of QXO’s 5.50% Series B mandatory convertible preferred stock. The proceeds from the offerings were used to repay indebtedness under QXO’s term loan facility, which will strengthen the company’s position with respect to future acquisition opportunities. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as lead joint bookrunning managers.

The Paul, Weiss team was led by corporate partner David Huntington and counsel David Sobel, and included partner Kerri Durso and tax partner Scott Sontag and counsel Alyssa Wolpin.