QXO, Inc. (QXO) Thursday has announced the pricing of two separate public offerings: 48,484,849 shares of common stock at $16.50 per share and $500 million in depositary shares, each representing 1/20th of a newly issued 5.50% Series B Mandatory Convertible Preferred Stock share, at $50.00 each.
The company has also granted underwriters a 30-day option to purchase up to 7,272,727 additional common shares and up to $75 million in extra depositary shares to cover over-allotments.
The offerings are independent of each other, with the common stock offering set to close on May 23, 2025, and the preferred stock offering on May 27, 2025, subject to standard closing conditions. QXO expects to raise $800 million from the common stock sale and $500 million from the depositary shares, excluding over-allotments. Proceeds will be used to repay debt under its senior secured term loan facility, bolstering the company's readiness for future acquisitions.
Holders of depositary shares will have proportional rights of the preferred stock, including dividends at an annual 5.50% rate, payable quarterly beginning August 15, 2025. The preferred shares will automatically convert to common stock by May 15, 2028, with a conversion ratio ranging from 49.4740 to 60.6060 shares per preferred share, subject to adjustments. QXO has applied to list the depositary shares on the NYSE under the ticker "QXO.PRB."
Thursday, QXO closed at $16.82, down 1.41%, and is currently trading after hours at $16.99, up 1.01%, on the NYSE.
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