GXO Logistics $800 million notes offering
Davis Polk advised the representatives of the initial purchasers in connection with a Rule 144A / Regulation S offering of $400 million aggregate principal amount of 1.650% notes due 2026 and $400 million aggregate principal amount of 2.650% notes due 2031 by GXO Logistics, Inc., a wholly owned subsidiary of XPO Logistics, Inc.
Upon satisfaction of certain escrow conditions related to the previously announced potential spin-off of GXO from XPO, the proceeds of the notes will be used to fund a cash distribution to XPO, provide working capital to GXO and / or pay fees, costs and expenses incurred in connection with the spin-off, distribution to XPO, this offering and other related transactions.
XPO, based in Greenwich, Connecticut, is a leading global logistics provider of cutting-edge supply chain solutions. It operates in 30 countries, with 1,621 locations and more than 100,000 employees.
The Davis Polk capital markets team included partner Yasin Keshvargar and associates Joze Vranicar, Jordyn Giannone, Michael Stromquist and Stephen H. Karp. The finance team included partner Jason Kyrwood, and associates Yuko Sin and Drew Schmidt. The tax team included partner Ethan R. Goldman and associate Bree Gong. All members of the Davis Polk team are based in the New York office.