NEW YORK (Standard&Poor's) Oct. 13, 2015--Standard&Poor's Ratings Services today assigned its 'BB-' issue-level rating and '1' recovery rating to Greenwich, Conn.-based XPO Logistics Inc.'s proposed new $1.75 billion term loan B. The '1' recovery rating indicates our expectation of very high (90%-100%) recovery for debtholders in the event of a payment default. The company will use the proceeds from this term loan to finance its acquisition of Con-Way Inc., which was announced on Sept. 9, 2015. The company also intends to expand the size of its asset-based lending (ABL) revolver to $1 billion (unrated). At the same time, we are placing our 'B' issue-level rating on the company's existing senior unsecured notes on CreditWatch with negative
