QXO Insulation finalized a comprehensive post-merger capital structure, adding a $3.0 billion incremental senior secured term loan, maintaining a $2.0 billion ABL facility, and confirming guarantees on $2.25 billion of 6.75% secured notes and $3.0 billion of unsecured notes due 2031 and 2034. The facilities are supported by a first-lien/second-lien collateral framework across notes-priority and ABL-priority assets. In tandem, the company terminated and fully repaid TopBuild's prior credit agreement with Bank of America. The actions enhance liquidity, align guarantees across the combined platform, and strengthen creditor protections.
Agreement 1: QXO Insulation and Subsidiaries Guarantee $3.0 Billion Unsecured Notes Due 2031/2034
- Agreement type: Supplemental indenture and guarantees for 6.500% 2031 and 6.875% 2034 senior notes ($3.0B)
- Counterparty: Wilmington Trust
- Signed / Effective: Jul 01 2026 / Jul 01 2026
- Duration / Termination: Through 2031 and 2034 maturities
- Reason: Align capital structure and add guarantor support post-merger
Agreement 2: QXO Insulation Guarantees $2.25 Billion 6.75% Secured Notes, Grants First-Lien Collateral
- Agreement type: Supplemental indenture and guarantees for 6.75% Senior Secured Notes due 2032 ($2.25B)
- Counterparty: Wilmington Trust
- Signed / Effective: Jul 01 2026 / Jul 01 2026
- Duration / Termination: Through 2032 maturity
- Reason: Enhance security package and harmonize post-merger financing
Agreement 3: QXO Insulation Adds $3.0 Billion Incremental Term Loan Led by Goldman Sachs Bank
- Agreement type: Incremental senior secured term loan facility ($3.0B)
- Counterparty: Goldman Sachs Bank, as administrative agent, and lenders
- Signed / Effective: Jul 01 2026 / Jul 01 2026
- Duration / Termination: N/A
- Reason: Fund merger and refinance existing debt
Agreement 4: QXO Insulation Confirms $2.0 Billion ABL Facility With Citibank as Administrative Agent
- Agreement type: Guarantees under asset-based revolving credit facility (up to $2.0B availability)
- Counterparty: Citibank, as administrative agent, and lenders
- Signed / Effective: Jul 01 2026 / Jul 01 2026
- Duration / Termination: N/A
- Reason: Provide working capital and liquidity
Agreement 5: QXO Insulation Terminates TopBuild Credit Agreement With Bank of America After Merger
- Agreement terminated: Amended and Restated Credit Agreement
- Counterparty: Bank of America
- Original agreement date: Mar 20 2020
- Termination date: Jul 01 2026
- Termination type: Early
- Exit fees / payments: None
- Reason: Replaced by new financing following merger
Original SEC Filing:
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