Connecticut-based roofing distributor QXO Inc. completed its acquisition of Beacon Roofing Supply Inc. by obtaining a $2.25 billion term loan B due 2032 and a $2.25 billion senior secured note due 2032. It also discharged all of Beacon?s existing debt. Pro forma the transaction, we expect Beacon?s 2025 S&P Global Ratings-adjusted debt to EBITDA to be 5.3x. Therefore, we removed our ?BB-? issuer credit rating and issue-level ratings on Beacon from CreditWatch where we placed them on developing implications on March 21, 2025. At the same time, we affirmed the ?BB-? issue-level rating and revised the recovery rating on the term loan B and senior secured note to ?4? from ?3?. Our stable outlook reflects our forecast for S&P Global
