XPO Logistics announced that it plans to make an offering of 11M shares of its common stock in a registered underwritten offering. XPO expects to grant the underwriters a 30-day option to purchase up to 1.65M additional shares.
Morgan Stanley and J.P. Morgan are the joint book-running managers for the offering. XPO expects to enter into forward sale agreements with Morgan Stanley and an affiliate of J.P. Morgan with respect to some of the shares of its common stock included in the offering. XPO expects to use the net proceeds from the sale of the shares of its common stock for “general corporate purposes, which may include strategic acquisitions and the repayment or refinancing of outstanding indebtedness.”
