XPO Logistics announces closing of $ 2 billion term loan refinancing

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GREENWICH, CT, March 03, 2021 (GLOBE NEWSWIRE) – XPO Logistics, Inc. (“XPO” or the “Company”) (NYSE: XPO) today announced the refinancing of $ 2.0 billion of existing term loan, among other things, reduce the applicable interest rate.

The existing $ 1.5 billion B term facility, which bore interest at LIBOR plus 2.00%, and the existing $ 500 million B-1 term facility, which bore interest at LIBOR plus 2.50%, were refinanced with the proceeds of a new $ 2.0 billion Term Loan Facility which bears interest at the LIBOR rate plus 1.75% (the LIBOR floor remains unchanged at 0.00% ). The maturity date of the new loan facility remains February 23, 2025, and the terms of the new loan facility are substantially in line with those of the refinanced facilities.

Brad Jacobs, President and CEO of XPO Logistics, said, “We continue to take opportunistic actions that improve our balance sheet. We estimate that this $ 2 billion refinancing, along with the $ 1.2 billion in debt we repaid in January, will reduce our annual interest expense by $ 86 million.

Morgan Stanley, Goldman Sachs, Barclays, Citigroup, Crédit Agricole, Credit Suisse, Deutsche Bank and Wells Fargo acted as associate bookkeepers, and Wachtell, Lipton, Rosen & Katz acted as legal counsel on the transaction.

About XPO Logistics

XPO Logistics, Inc. (NYSE: XPO) provides cutting-edge supply chain solutions to the world’s most successful businesses. The company is the second largest contract logistics provider and second largest freight broker in the world, and one of the top three providers of LTLs in North America. XPO uses a highly integrated network of 1,629 sites and more than 100,000 employees in 30 countries to help more than 50,000 customers manage their supply chains more efficiently. The company’s head office is in Greenwich, Connecticut, United States, and its European head office is in Lyon, France. Visit xpo.com for more information and connect with XPO on Facebook, Twitter, LinkedIn, Instagram and YouTube.

Forward-looking statements

This press release contains 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 considered, 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”, “could”, “” Plan “,” potential “,” plan “,” should “,” will “,” expect “,” goal “,” projection “,” plan “,” goal “,” direction “,” outlook ” “,” Effort, “target”, “trajectory” or the negative of these or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyzes made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company deems appropriate in the light of circumstances.These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions which may cause actual results, activity levels, performance or achievements to differ materially from results, activity levels, performances. or future achievements expressed or implied by such forward-looking statements. Factors that could cause or contribute to a material difference include the risks discussed in the Company’s filings with the SEC and the following: general economic conditions; the severity, magnitude, duration and aftermath of the COVID-19 pandemic and government responses to the COVID-19 pandemic; our ability to align our capital investments, including equipment, service centers and warehouses, with the demands of our customers; our ability to implement our cost and revenue initiatives; our ability to integrate and successfully realize the synergies, cost savings and profit improvement opportunities expected from the acquired companies; matters relating to our intellectual property rights; fluctuations in exchange rates; changes in the price of fuel and the fuel surcharge; natural disasters, terrorist attacks or similar incidents; risks and uncertainties regarding the potential timing and expected benefits of the proposed split of our logistics segment, including final approval of the proposed split and the risk that the split will not be completed on the terms or schedule currently contemplated , if applicable; the impact of the proposed split on the size and diversity of our business activities; the ability of the proposed spin-off to receive tax-exempt treatment for US federal income tax purposes; our ability to develop and implement appropriate information technology systems and to prevent failures or violations of such systems; our substantial debt; our ability to raise debt and equity; fluctuations in fixed and floating interest rates; our ability to maintain positive relationships with our network of third party transportation providers; our ability to attract and retain qualified drivers; labor issues, including our ability to manage our subcontractors, and the risks associated with labor disputes at our customers and the efforts of labor organizations to organize our employees; litigation, including litigation relating to alleged misclassification of independent contractors and securities class actions; the risks associated with our self-insured claims; the risks associated with defined benefit plans for our current and former employees; and government regulations, including trade compliance laws, as well as changes in international trade policies and tax regimes; governmental or political actions, including the withdrawal of the United Kingdom from the European Union; and competition and price pressures. All forward-looking statements set forth in this press release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be achieved or, even if they materialize, that they will have the consequences expected. . to, or effects on, the Company or its activities or operations. The forward-looking statements set forth in this press release speak only as of the date hereof, and the Company assumes no obligation to update any forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unforeseen events, except to the extent required by law.

Investor contactXPO Logistics, Inc.Tavio [email protected]

Media contact XPO Logistics, Inc.Joe [email protected]

Source: XPO Logistics, Inc.

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