Company: QXO-PB
Filing Date: 2025-04-18
Form Type: 424B5
Source: 0001140361-25-014566
Chunk: 33

Company: QXO, Inc.
Filing Date: 2025-04-18
Form: 424B5
Chunk 33
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 those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations when due.

In addition, we conduct our operations through our subsidiaries. Accordingly, repayment of our indebtedness will depend on the generation of cash flow by our subsidiaries and their ability to make such cash available to us, by dividend, debt repayment or otherwise. Our subsidiaries may not have any obligation to pay amounts due on our indebtedness or to make funds available for that purpose. Our subsidiaries may not be able to, or may not be permitted to, make adequate distributions to enable us to make payments in respect of our indebtedness. Each subsidiary is a distinct legal entity and, under certain circumstances, legal, tax and contractual restrictions may limit our ability to obtain cash from our subsidiaries. In the event that we do not receive distributions from our subsidiaries, we may be unable to make required principal and interest payments on our indebtedness.**

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Our inability to generate sufficient cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, may materially adversely affect our business, financial condition and results of operations and our ability to satisfy our obligations under our indebtedness or pay dividends on our Common Stock. Our debt agreements following the completion of the Transactions are expected to contain restrictions that will limit our flexibility in operating our business. The credit agreement that will govern the Credit Facilities and the indenture that will govern the Notes are expected to contain, and any other existing or future indebtedness of ours would likely contain, a number of covenants that impose significant operating and financial restrictions on us, including restrictions on our and our subsidiaries’ ability to, among other things:

| • | incur additional debt, guarantee indebtedness or issue certain preferred shares; |

| • | pay dividends on or make distributions in respect of, or repurchase or redeem, our capital stock or make other restricted payments; |

| • | prepay, redeem or repurchase certain debt; |

| • | make loans or certain investments; |

| • | sell certain assets; |

| • | create liens on certain assets; |

| • | consolidate, merge, sell or otherwise dispose of all or substantially all of our assets; |

| • | enter into certain transactions with our affiliates; |

| • | enter into agreements restricting our subsidiaries’ ability to pay dividends; and |

| • | designate our subsidiaries as unrestricted subsidiaries. |

As a result of these covenants, we are