XEROX CLOSES $650MILLION NOTE OFFERING

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XEROX CLOSES $650MILLION NOTE OFFERING

 user 2006-08-29 at 10:09:00 am Views: 58
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    Xerox closes $650 million notes offering
    aug 06  STAMFORD, Conn. – Copier and printer maker Xerox Corp. said Friday it raised a combined $650 million through two separate senior notes offerings.The company completed a $500 million offering of senior unsecured notes due 2017. The notes bear a coupon of 6.75 percent. Also, Xerox closed a $150 million offering of floating rate senior unsecured notes due 2009. The offerings were part of a move to return the company to investment grade.Earlier this month, Fitch Ratings raised its rating on Xerox to investment grade. The company closed its second-quarter with $1.2 billion in cash and short-term investments and cut its debt by $1 billion.Shares of Xerox rose 9 cents to $14.75 on the New York Stock Exchange in afternoon trading.