QXO Inc. said Tuesday it is moving to refinance one of its major loans as the company continues to grow through acquisitions in the building-products distribution market.
The refinancing plan is still dependent on market conditions, and QXO said there is no guarantee the deal will be completed as proposed.
As part of the announcement, the company shared early third-quarter results showing sales of $2.73 billion. QXO reported a net loss of $139 million but said that, excluding one-time costs, it earned $121 million during the quarter. The company said it generated $302 million in adjusted profit and had $2.3 billion in cash at the end of September, with US $3.1 billion in total debt.
QXO expects its overall debt level to stay about the same once the refinancing is complete. The company plans to file its full quarterly report on Nov. 6.
The Connecticut-based distributor has been expanding rapidly through a series of acquisitions, aiming to build a national platform for construction and industrial products. The refinancing could help the company secure better borrowing terms as it continues to integrate new businesses and invest in growth.
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