From Home Furnishing Business
XPO Sets Pricing for $665.5 Million Stock Offering
2017 by Larry Thomas in Economic News, Financial Reports, Industry
XPO Logistics (NYSE: XPO), a provider of last-mile delivery, freight forwarding and other logistics services, has priced its recently-announced secondary stock offering at $60.50 per share
That means the 11 million-share offering will raise $665.5 million, not counting underwriting commissions and discounts.
The company said 6 million of the new shares are subject to a forward sale agreement, in which underwriters J.P. Morgan Securities and Morgan Stanley & Co. have agreed to purchase the shares no later than 12 months following completion of the offering.
XPO won’t receive any proceeds from those shares until the forward sale agreement has been completed, but will get proceeds immediately from the sale of the remaining 5 million shares.
The company said the money will be used for general corporate purposes, which may include acquisitions, debt repayment or debt refinancing.