Exhibit (b)(1)
EXECUTION VERSION | ||||||
GOLDMAN SACHS BANK USA 200 West Street New York, NY 10282 | MORGAN STANLEY SENIOR FUNDING, INC. 1585 Broadway New York, NY 10036 | CITIGROUP GLOBAL MARKETS INC. 388 Greenwich Street New York, NY 10013 | ||||
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 1301 Avenue of the Americas New York, NY 10019 | WELLS FARGO BANK, NATIONAL ASSOCIATION WELLS FARGO SECURITIES, LLC 550 South Tryon St. Charlotte, NC 28202 | MIZUHO BANK, LTD. 1271 Avenue of the Americas New York, New York 10020 | ||||
CONFIDENTIAL
January 13, 2025
QUEEN TOPCO, LLC
c/o QXO, Inc.
Five American Lane
Greenwich, CT 06831
Attention: Ihsan Essaid
Project Bamboo
$3,500 million Senior Secured Term Facility
$1,500 million Senior Secured Bridge Facility
$1,500 million Senior Unsecured Bridge Facility
Commitment Letter
Ladies and Gentlemen:
You have advised Goldman Sachs Bank USA (“GS Bank”), Morgan Stanley Senior Funding, Inc., (together with its designated affiliates, “Morgan Stanley”), Citigroup Global Markets Inc. (“CGMI”) on behalf of Citi (as defined below), Crédit Agricole Corporate and Investment Bank (“CA-CIB”), Wells Fargo Bank, National Association (“Wells Fargo Bank”), Wells Fargo Securities, LLC (“Wells Fargo Securities” and, together with Wells Fargo Bank, “Wells Fargo”) and Mizuho Bank, Ltd. (“Mizuho” and, together with GS Bank, Morgan Stanley, Citi, CA-CIB and Wells Fargo, each a “Bank” and collectively, the “Banks”) that Queen TopCo, LLC, a Delaware limited liability company (“TopCo” or “you”) and a direct or indirect subsidiary of QXO, Inc., a Delaware corporation (“Parent”), intends to (i) acquire, directly or indirectly, Beacon Roofing Supply, Inc., a Delaware corporation (the “Target”), and (ii) consummate the other transactions described in the Transaction Description attached hereto as Exhibit A (the “Transaction Description”). “Citi” means CGMI, Citibank, N.A., Citicorp North America, Inc. and/or any of their affiliates as may be appropriate to consummate the transactions contemplated hereby.
You have further advised us that, in connection therewith, the Borrower (as defined in the Transaction Description) will obtain the Term Facility and, in each case if applicable, the Senior Secured Bridge Facility and the Senior Unsecured Bridge Facility (each as defined in the Transaction Description and, collectively, the “Facilities”), subject solely to the conditions set forth in Section 6 of this Commitment Letter, in each of the Term Sheets (as defined below) under the paragraph titled “Conditions Precedent to Initial Borrowing” and in Exhibit E hereto.
Capitalized terms used but not defined herein have the meaning assigned to such terms in the Transaction Description, the Summary of Principal Terms and Conditions attached hereto as Exhibit B (the “Term Facility Term Sheet”), the Summary of Principal Terms and Conditions attached hereto as Exhibit C (the “Senior Secured Bridge Facility Term Sheet”) or the Summary of Principal Terms and Conditions attached hereto as Exhibit D (the “Senior Unsecured Bridge Facility Term Sheet” and, together with the Term Facility Term Sheet and the Senior Secured Bridge Facility Term Sheet, the “Term Sheets”).