QXO Inc. (NYSE:QXO) is one of the 10 best large cap stocks under $30 with highest upside potential.
On June 2, QXO Inc. (NYSE:QXO) revealed that, subject to market conditions, its subsidiary, QXO Building Products, plans to offer $3 billion in senior notes, with $1.5 billion payable in 2031 and $1.5 billion in 2034
The proceeds from the offering shall be kept in an escrow account and will be covered on the basis of first priority. This applies if the notes are issued prior to QXO completing its planned acquisition of TopBuild. Customary requirements, such as approval from QXO and TopBuild shareholders, still apply to the transaction.
QXO Building Products aims to utilize the proceeds from this offering, along with other borrowings and issuance proceeds, for the acquisition of TopBuild. The acquisition will also involve the utilization of existing balance sheet cash. On May 14, Stephens revised its view of QXO Inc. (NYSE:QXO) following the company’s latest quarterly earnings report.