Xerox Receives $1 Billion Unsecured Term Loan from Seven Banks
NORWALK, Conn. — March 7, 2016 — Xerox Corp. (NYSE: XRX) announced that it has closed a $1 billion senior unsecured term loan, to be drawn by April 1, 2016. The loan was arranged by a syndicate of seven banks: JPMorgan Chase Bank, N.A.; Merrill Lynch, Pierce, Fenner & Smith Inc.; BNP Paribas Securities.; Citigroup Global Markets.; Credit Suisse Securities (USA); Goldman Sachs Bank USA and Mizuho Bank. The loan must be repaid on the earlier of 364 days or upon receipt of financing related to the separation of Xerox into two independent publicly traded companies. Initial pricing, which is based upon a ratings grid, will be 150bps above LIBOR.
Xerox intends to use the proceeds from the loan to repay maturing bonds and for general corporate purposes.
Xerox is helping change the way the world works. By applying its expertise in imaging, business process, analytics, automation and user-centric insights, Xerox engineers the flow of work to provide greater productivity, efficiency and personalization. Xerox conducts business in 180 countries, and its more than 140,000 employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for clients – and their customers.