XPO, Inc. (“XPO” or the “company”) (NYSE: XPO) today
announced that it intends to refinance a portion of its existing
senior secured term loan facility due February 2025 with
approximately $700 million of new senior secured term loans
maturing in 2028 (the “Term Loan Refinancing”). In connection with
the Term Loan Refinancing, XPO anticipates refinancing additional
amounts outstanding under its existing senior secured term loan
facility and paying related fees, expenses and accrued interest
with the proceeds of approximately $830 million of additional
senior secured debt and approximately $450 million of additional
senior unsecured debt, subject to market and other conditions. The
remaining portion of XPO’s existing term loans are expected to be
repaid with cash on hand in the second quarter of 2023.
The closing of the Term Loan Refinancing and the
terms thereof are subject to obtaining lender commitments, as well
as market and other conditions, and there can be no assurance as to
whether or when the Term Loan Refinancing may be completed, or as
to the actual size or terms thereof.
About XPO
XPO (NYSE: XPO) is one of the largest providers
of asset-based less-than-truckload (LTL) transportation in North
America, with proprietary technology that moves goods efficiently
through its network. Together with its business in Europe, XPO
serves approximately 48,000 customers with 558 locations and 38,000
employees. The company is headquartered in Greenwich, Conn.,
USA.
Forward-Looking Statements
This release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of
1933, as amended and Section 21E of the Securities Exchange
Act of 1934, as amended. All statements other than statements of
historical fact are, or may be deemed to be, forward-looking
statements. In some cases, forward-looking statements can be
identified by the use of forward-looking terms such as
“anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,”
“may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,”
“objective,” “projection,” “forecast,” “goal,” “guidance,”
“outlook,” “effort,” “target,” “trajectory,” “seek to refinance” or
the negative of these terms or other comparable terms. However, the
absence of these words does not mean that the statements are not
forward-looking. These forward-looking statements are based on
certain assumptions and analyses made by XPO in light of its
experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors XPO believes are appropriate in the circumstances.
These forward-looking statements are subject to
known and unknown risks, uncertainties and assumptions that may
cause actual results, levels of activity, performance, achievements
or ability to raise debt to be materially different from any future
results, levels of activity, performance, achievements or the
ability to raise debt expressed or implied by such forward-looking
statements. Factors that might cause or contribute to a material
difference include the risks discussed in XPO’s filings with the
SEC, and the following: economic conditions generally; the
severity, magnitude, duration and aftereffects of the COVID-19
pandemic, including supply chain disruptions due to plant and port
shutdowns and transportation delays, the global shortage of certain
components such as semiconductor chips, strains on production or
extraction of raw materials, cost inflation and labor and equipment
shortages, which may lower levels of service, including the
timeliness, productivity and quality of service, and government
responses to these factors; XPO’s ability to align its investments
in capital assets, including equipment, service centers, and
warehouses and other network facilities, to its customers’ demands;
XPO’s ability to implement its cost and revenue initiatives; the
effectiveness of XPO’s action plan, and other management actions,
to improve XPO’s North American LTL business; XPO’s ability to
benefit from a sale or other divestiture of one or more business
units; XPO’s ability to successfully integrate and realize
anticipated synergies, cost savings and profit improvement
opportunities with respect to acquired companies; goodwill
impairment, including in connection with a business unit sale or
other divestiture; matters related to XPO’s intellectual property
rights; fluctuations in currency exchange rates; fuel price and
fuel surcharge changes; natural disasters, terrorist attacks, wars
or similar incidents, including the conflict between Russia and
Ukraine and increased tensions between Taiwan and China; the
expected benefits of the spin-off of RXO, Inc.; the impact of the
prior spin-offs of GXO Logistics, Inc. and RXO, Inc. on the size
and business diversity of the company; the ability of the spin-off
of a business unit to qualify for tax-free treatment for U.S.
federal income tax purposes; XPO’s ability to develop and implement
suitable information technology systems and prevent failures in or
breaches of such systems; XPO’s indebtedness; XPO’s ability to
raise debt and equity capital; fluctuations in fixed and floating
interest rates; XPO’s ability to maintain positive relationships
with its network of third-party transportation providers; XPO’s
ability to attract and retain qualified drivers; labor matters;
litigation; risks associated with XPO’s self-insured claims; risks
associated with defined benefit plans for XPO’s current and former
employees; the impact of potential sales of common stock by XPO’s
chairman; governmental regulation, including trade compliance laws,
as well as changes in international trade policies, sanctions and
tax regimes; governmental or political actions, including the
United Kingdom’s exit from the European Union; competition and
pricing pressures; the risk that the Term Loan Refinancing and
opportunistic refinancing of secured and unsecured debt may not be
completed in a timely manner or at all, which may adversely affect
the price of XPO’s securities; the risk that XPO will be unable to
satisfy the conditions to the closing of the Term Loan Refinancing
and opportunistic refinancing of secured and unsecured debt in the
future; the risk that Term Loan Refinancing and opportunistic
refinancing of secured and unsecured debt will not be available on
favorable terms or at all; and the risk that XPO will be unable to
pay down the balance of its senior secured term loan facility as
intended.
All forward-looking statements set forth in this
release are qualified by these cautionary statements and there can
be no assurance that the actual results or developments anticipated
by the company will be realized or, even if substantially realized,
that they will have the expected consequences to or effects on the
company or its business or operations. Forward-looking statements
set forth in this release speak only as of the date hereof, and the
company does not undertake any obligation to update forward-looking
statements to reflect subsequent events or circumstances, changes
in expectations or the occurrence of unanticipated events, except
to the extent required by law.
No Offer or Solicitation
This release is not intended to and does not
constitute an offer to sell or the solicitation of an offer to
subscribe for or buy or an invitation to purchase or subscribe for
any securities, nor shall there be any sale, issuance or transfer
of securities in any jurisdiction in contravention of applicable
law. In particular, this communication is not an offer of
securities for sale into the United States or any other
jurisdiction. No offer of securities shall be made in the United
States absent registration under the Securities Act of
1933, as amended, or pursuant to an exemption from, or in a
transaction not subject to, such registration requirements.
Investor ContactBrian Scasserra+1
617-607-6429brian.scasserra@xpo.com
Media ContactKarina
Frayter+1-203-484-8303karina.frayter@xpo.com
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