QXO falls after $1 bln stock deals unveiled

Shares of building-products distributor QXO QXO.N down 11.4% at $16.25 after hours as it seeks additional capital

Greenwich, Connecticut-based QXO launches concurrent offerings of common stock and 3-yr mandatory convertible preferred stock for expected $1 bln gross proceeds

Co says intends to use net proceeds from offerings, which are not contingent upon each other, to repay debt under term loan facility, which will bolster its position for future acquisition opportunities

Goldman Sachs and Morgan Stanley are jt lead bookrunners for the offerings

Co has ~522.5 mln shares outstanding as of May 15, per the SEC prospectus filing, giving it roughly $9.6 bln market cap

Last month, billionaire Brad Jacobs' firm sold ~37.7 mln shares at $13.25 for $500 mln equity raise to finance buy of Beacon Roofing Supply

QXO shares rose for 7th straight session on Tues, finishing up 4.8% at $18.35. YTD, stock up 15.4%