QXO (QXO) said Thursday it priced its underwritten public offerings of about 48.5 million common shares at $16.50 per share and $500 million in depositary shares representing 5.50% series B mandatory convertible preferred stock at $50 per share.
Underwriters have been granted a 30-day option to purchase up to about 7.3 million additional shares at $75 million in depositary shares.
Gross proceeds from the common stock offering are estimated to be $800 million.
The offerings are not dependent on each other. The common stock offering is expected to close Friday, while the depositary shares offering is set to close on May 27.
Proceeds from the offerings will be used to repay debt under the company's senior secured term loan facility, aiming to strengthen its financial position and enhance flexibility for future acquisitions.
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