QXO (QXO) said Tuesday that it plans to raise $1 billion from concurrent underwritten offerings of common stock and depositary shares.
The company said it plans to offer underwriters additional common and depositary shares to cover over allotments, and their full exercise will increase potential gross proceeds by another $150 million.
Net proceeds will be used to repay the senior secured term loan facility, QXO added.
Shares of the company were down nearly 10% in recent after-hours activity.
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