*NEWS*XEROX CLOSES $650MIL NOTE OFFERING

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*NEWS*XEROX CLOSES $650MIL NOTE OFFERING

 user 2006-08-29 at 10:10:00 am Views: 65
  • #16260

    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.