QXO announced that holders of over 99% of TopBuild's outstanding notes have tendered early in support of the debt restructuring tied to its pending acquisition. As of the June 11 early deadline, 99.54% of the $500 million 4.125% Senior Notes due 2032 and 99.72% of the $750 million 5.625% Senior Notes due 2034 were tendered. Early-tendering holders will receive total consideration of $1,011.25 per $1,000 principal, including a $50 early-tender payment. With majority consent obtained, TopBuild executed supplemental indentures eliminating the change-of-control offer requirement and the most restrictive covenants, effective upon QXO's purchase of the notes. The tender offers expire June 29, 2026, but QXO expects to extend the timeline to align settlement with the completion of the acquisition.
QXO, Inc.High early tender participation (over 99%) signals strong creditor support for the acquisition financing, reducing deal risk.
Topbuild CorpDebt restructuring eliminates restrictive covenants and change-of-control provisions, improving financial flexibility.