GXO Logistics’ $800 Million Notes Offering

Wachtell, Lipton, Rosen & Katz represented XPO and GXO in the transaction, while Davis Polk advised the representatives of the initial purchasers.

XPO Logistics, Inc. (NYSE: XPO) announced that GXO Logistics,Inc., its wholly owned subsidiary, has priced an offering of $800 million of 144A notes with registration rights, consisting of $400 million of notes due 2026 and $400 million of notes due 2031.

GXO is expected to become a separate publicly traded company through the previously announced spin-off of XPO’s logistics segment. The closing of the offering of the notes is expected to occur on or about July 2, 2021, subject to customary closing conditions.

GXO intends to use the net proceeds from the sale of the notes to fund a cash distribution to XPO, to provide working capital to GXO and/or to pay fees, costs and expenses incurred in connection with the spin-off, the notes offering and related transactions. The net proceeds from the notes offering will be held in escrow until satisfaction of certain conditions relating to the spin-off.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Barclays Capital Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Capital One Securities, Inc., Wells Fargo Securities, LLC, BTIG, LLC, HSBC Securities (USA) Inc., KeyBanc Capital Markets Inc., MUFG Securities Americas Inc., Scotia Capital (USA) Inc., Berenberg Capital Markets LLC, Cowen and Company, LLC, Oppenheimer & Co. Inc., Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated, Wolfe Capital Markets and Advisory acted as underwriters for the offering.

XPO Logistics, Inc. (NYSE: XPO) provides cutting-edge supply chain solutions to the most successful companies in the world, with two business segments: transportation and logistics.

Wachtell Lipton’s team was led by Partners Adam O. Emmerich (Picture), Gregory E. Pessin, John R. Sobolewski and Viktor Sapezhnikov and included Associate Kirby M. Smith, Associate Anna M. D’Ginto (Corporate), Associate Benjamin S. Arfa, Associate Stephanie A. Marshak, Associate Rod N. Ghods (Finance), Partner T. Eiko Stange, and Associate Liam N. Murphy, (Tax).

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.

Involved fees earner: Jordyn Giannone – Davis Polk & Wardwell; Ethan Goldman – Davis Polk & Wardwell; Bree Gong – Davis Polk & Wardwell; Stephen Karp – Davis Polk & Wardwell; Yasin Keshvargar – Davis Polk & Wardwell; Jason Kyrwood – Davis Polk & Wardwell; Drew Schmidt – Davis Polk & Wardwell; Yuko Sin – Davis Polk & Wardwell; Michael Stromquist – Davis Polk & Wardwell; Joze Vranicar – Davis Polk & Wardwell; Benjamin Arfa – Wachtell, Lipton, Rosen & Katz; Anna D’Ginto – Wachtell, Lipton, Rosen & Katz; Adam Emmerich – Wachtell, Lipton, Rosen & Katz; Rod Ghods – Wachtell, Lipton, Rosen & Katz; Stephanie Marshak – Wachtell, Lipton, Rosen & Katz; Liam Murphy – Wachtell, Lipton, Rosen & Katz; Gregory Pessin – Wachtell, Lipton, Rosen & Katz; Viktor Sapezhnikov – Wachtell, Lipton, Rosen & Katz; Kirby Smith – Wachtell, Lipton, Rosen & Katz; John Sobolewski – Wachtell, Lipton, Rosen & Katz; Eiko Stange – Wachtell, Lipton, Rosen & Katz;

Law Firms: Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz;

Clients: Bank of America Securities; Barclays Capital ; Berenberg Capital Markets, LLC; BNP Paribas Securities; BTIG, LLC; Capital One Securities; Citigroup Global Markets Ltd; Cowen and Company; Credit Agricole Securities (USA) Inc.; Deutsche Bank Securities; Goldman Sachs & Co.; GXO Logistics; HSBC Securities; KeyBanc Capital Markets; MUFG Securities Americas Inc. ; Oppenheimer & Co; Raymond James & Associates, Inc.; Scotia Capital Inc.; Stifel, Nicolaus & Company, Incorporated; Wells Fargo Securities; Wolfe Capital Markets and Advisory; XPO Logistics, Inc.;

Author: Martina Bellini