QXO announced the expiration and final results of its cash tender offers and consent solicitations for all of TopBuild Corp.'s outstanding 4.125% Senior Notes due 2032 and 5.625% Senior Notes due 2034. As of the June 29, 2026 expiration, approximately 99.54% of the $500 million 2032 Notes and 99.75% of the $750 million 2034 Notes were validly tendered. The company accepted all validly tendered notes, with settlement expected on July 1, 2026, contingent upon the closing of QXO's acquisition of TopBuild. Holders who tendered by the early deadline of June 11 received $1,011.25 per $1,000 principal amount, while later tenders received $961.25 per $1,000, plus accrued interest in each case. Sufficient consents were received to adopt amendments eliminating change of control offers, most restrictive covenants, certain defeasance conditions, and most events of default, with supplemental indentures becoming operative at settlement. TopBuild also issued conditional redemption notices for any remaining notes at the early tender price, conditioned on the tender offers' consummation.
Topbuild CorpTender offer at a discount to par and consent to eliminate bondholder protections weaken TopBuild's debt position.
QXO, Inc.QXO successfully tendered most TopBuild notes, a key step toward closing the acquisition.