XPO Logistics, Inc. -- Moody's Assigns B1 to XPO's $2 Billion Notes Offering; Outlook is Stable

New York, June 01, 2015 -- Moody's Investors Service (Moody's) assigned a B1 rating to XPO Logistics, Inc.'s$2 billion proposed senior unsecured notes offering. The notes are expected to be issued in up to four tranches that may include U.S. dollar-denominated senior notes due in 2022, euro-denominated fixed rate senior notes due 2021, euro-denominated floating rate senior notes due in 2020, and pounds sterling-denominated senior notes due in 2020. Aggregate proceeds from the notes offering, as well as a concurrent $1.3 billion equity offering and a portion of XPO Logistics'$1 billion cash balance, are expected to fund the acquisition of European transport and logistics company Norbert Dontressangle ('Norbert') for approximately $3.5 billion. All other ratings, including XPO's B1 Corporate Family Rating (CFR), B1-PD Probability of Default (PDR), and B1 ratings on the company's existing $900 million senior unsecured notes, are unaffected. The rating outlook is stable.

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