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.