XPO wins $870M auction for 28 Yellow service centers; plans $585M notes, $400M term loan

XPO, Inc.

Acquired 28 service centers from Yellow for $870M; expected accretive to adj. EBITDA in 2024, dilutive to adj. EPS then accretive from 2025.
Entered $870M bridge credit agreement to finance acquisition; unfunded, matures 364 days after draw.
Plans $585M senior unsecured notes due 2032 and $400M incremental term loans due 2031 to fund acquisition and repay existing 6.25% notes due 2025.
Acquisition subject to Bankruptcy Court approval under Section 363; closing conditions include entry of sale order.

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