other_material
confidence high
sentiment neutral
materiality 0.85
QXO prices $1.3B upsized concurrent offerings of common stock and mandatory convertible preferred
QXO, Inc.
- Sold 48.4M common shares at $16.50/share via underwritten offering; gross proceeds $800M.
- Concurrent $500M offering of depositary shares (5.50% Series B Mandatory Convertible Preferred) at $50 per share.
- Underwriters fully exercised over-allotment on common; net proceeds ~$892.8M.
- Proceeds to repay senior secured term loan, strengthening position for future acquisitions.
- Mandatory convertible preferred automatically converts into 49.474–60.606 common shares by May 15, 2028.
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