QXO announced that Queen MergerCo — its wholly owned subsidiary — plans to offer $2 billion in Senior Secured Notes due 2032.

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Merger Sub was formed in connection with QXO’s planned acquisition of Beacon under the March 20 Merger Agreement. QXO said it plans to fund the deal using proceeds from the notes offering, new credit facilities, equity offerings and available cash.

At closing, Merger Sub will merge into Beacon, making it a wholly owned QXO subsidiary. QXO added that the notes will be senior secured and guaranteed by Beacon’s domestic restricted subsidiaries supporting its new term loan. The notes will be backed by first-priority liens on most of Beacon’s and the guarantors’ key assets and second-priority liens on inventory, receivables and related assets.

QXO issued a separate release April 21 noting it has extended its all-cash offer to acquire all outstanding shares of Beacon Roofing Supply to April 28 at 5:00 p.m. As of April 19, approximately 23,820,838 shares — about 38.32% of the outstanding shares — have been validly tendered and not withdrawn, compared to 37.6% as of the end of April 11.

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QXO is set to acquire Beacon Roofing Supply by the end of April.