GXO Logistics inks £800M bridge for Clipper Logistics acquisition

GXO Logistics Inc., which is rated BBB-/Ba1/BBB, disclosed that it has obtained an £800 million, 364-day unsecured bridge term loan facility from Barclays and Citi in connection with its planned acquisition of Clipper Logistics.

Pricing on the bridge is tied to a ratings-based grid and is benchmarked to the daily simple sterling overnight interbank average rate, initially at 87.5-175 bps, increasing to a cap of 162.5-250 bps nine months after the closing date.

Barclays and Citi are joint lead arrangers and joint bookrunners for the bridge. Barclays is administrative agent.

The facility is covered by a total leverage ratio set at 3.5x.

GXO Logistics provides logistics services worldwide.