XPO Logistics Announces Pricing of $375 Million Public Offering of Common Stock
GREENWICH, Conn. - January 30, 2014 - XPO Logistics, Inc. ("XPO") (NYSE: XPO)
today announced the pricing of a registered underwritten public offering of
15,000,000 shares of its common stock at a price to the public of $25.00 per
share. Â XPO has granted the underwriters in the offering a 30-day option to
purchase up to an additional 2,250,000 shares of its common stock.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank
Securities Inc. and J.P. Morgan Securities LLC are acting as joint book-running
managers for the offering. The co-managers of the offering are KeyBanc Capital
Markets Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, FBR
Capital Markets & Co., Oppenheimer & Co. Inc., Raymond James & Associates, Inc.,
Stifel, Nicolaus & Company, Incorporated, Avondale Partners, LLC and Wolfe
XPO intends to use the net proceeds of this offering, together with cash on
hand, to finance the cash portion of the purchase price for its previously
announced acquisition of Pacer International, Inc. ("Pacer"), to pay related
fees and expenses and for general corporate purposes, which may include
strategic acquisitions and the repayment or refinancing of outstanding
indebtedness. If the Pacer acquisition is not completed, XPO will use the net
proceeds of the offering for general corporate purposes. The offering is
expected to close on February 5, 2014, subject to customary closing conditions.
The shares are being offered pursuant to an effective shelf registration
statement that has been filed with the Securities and Exchange Commission (the
"SEC"). A preliminary prospectus supplement related to the offering has been
filed with the SEC and is available on the SEC's website at http://www.sec.gov.
Copies of the preliminary prospectus supplement and accompanying prospectus
related to the offering may be obtained by contacting Credit Suisse Securities
(USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, New York
10010, or by telephone at (800) 221-1037, or by email at
email@example.com; Citigroup Global Markets Inc., Attn:
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or
by telephone at 1-800-831-9146; Deutsche Bank Securities Inc., Attn: Prospectus
Group, 60 Wall Street, New York, New York 10005-2836, telephone: (800) 503-4611
(toll free), e-mail: prospectus.CPDG@db.com; and J.P. Morgan Securities LLC,
Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY
11717, or by telephone at (866) 803-9204.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
About XPO Logistics, Inc.
XPO Logistics, Inc. (NYSE: XPO) is one of the fastest growing providers of
transportation logistics services in North America: the fourth largest freight
brokerage firm, the largest provider of heavy goods, last-mile logistics, and
the largest manager of expedited shipments, with growing positions in managed
transportation, global freight forwarding, less-than-truckload brokerage and
intermodal. The company facilitates more than 20,000 deliveries a day throughout
the U.S., Mexico and Canada.
XPO Logistics currently has 92 locations and over 2,200 employees operating in
the United States and Canada. Its three business units - freight brokerage,
expedited transportation and freight forwarding - use relationships with ground,
sea and air carriers to serve over 9,500 customers in the manufacturing,
industrial, retail, commercial, life sciences and government sectors. The
company has approximately 400 trucks under exclusive contract and over 24,000
additional relationships with carriers that provide capacity. For more
This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other than
statements of historical fact are, or may be deemed to be, forward-looking
statements. In some cases, forward-looking statements can be identified by the
use of forward-looking terms such as "anticipate," "estimate," "believe,"
"continue," "could," "intend," "may," "plan," "potential," "predict," "should,"
"will," "expect," "objective," "projection," "forecast," "goal," "guidance,"
"outlook," "effort," "target" or the negative of these terms or other comparable
terms. However, the absence of these words does not mean that the statements are
not forward-looking. These statements are based on certain assumptions and
analyses made by us in light of our experience and our perception of historical
trends, current conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances.
These forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions that may cause actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by such
forward-looking statements. Factors that could adversely affect actual results
and performance include, but are not limited to, those discussed in our filings
with the SEC and the following: economic conditions generally; competition; our
ability to find other suitable acquisition candidates and execute our
acquisition strategy; Pacer shareholder approval and the satisfaction of other
conditions to the consummation of the acquisition of Pacer; the expected closing
date for the acquisition of Pacer; the expected impact of the acquisition of
Pacer, including the expected impact on our results of operations; our ability
to raise debt and equity capital; our ability to attract and retain key
employees to execute our growth strategy, including retention of Pacer's
management team; litigation, including litigation related to alleged
misclassification of independent contractors; our ability to develop, implement
and maintain a suitable information technology system; our ability to maintain
positive relationships with our network of third party transportation providers;
our ability to retain our and Pacer's largest customers; our ability to
successfully integrate Pacer and other acquired businesses; and governmental
regulation. All forward-looking statements set forth in this document are
qualified by these cautionary statements and there can be no assurance that the
actual results or developments anticipated will be realized or, even if
substantially realized, that they will have the expected consequences to, or
effects on, us or our business or operation. Forward-looking statements set
forth in this press release speak only as of the date hereof, and we do not
undertake any obligation to update forward-looking statements to reflect
subsequent events or circumstances, changes in expectations or the occurrence of
unanticipated events except to the extent required by law.
XPO Logistics, Inc.
Tavio Headley, +1-203-930-1602
XPO Logistics, Inc.
Gemma Hart, Darren McDermott, +1-212-333-3810
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Source: XPO Logistics, Inc. via GlobeNewswire