XEROX NEED TO BORROW $2Billion TO PURCHASE A.C.S.

[Anonymous]

XEROX NEED TO BORROW $2Billion
TO PURCHASE A.C.S.
Xerox Selling
$2 Billion In Bonds To Fund ACS Buy
NEW
YORK — Xerox Corp. is selling $2 billion in bonds on Tuesday, according
to Informa Global Markets, to finance its acquisition of Affiliated
Computer Services Inc. . The document-equipment provider said in a
regulatory filing that the proceeds will repay all or a portion of ACS’s
senior credit facility upon completion of the merger and any remaining
amounts to fund part of the cash portion of the acquisition, which was
announced in September. As of Sept. 30, ACS had approximately $1.8
billion outstanding under its senior credit facility. The deal will
include debt maturing in 5 years, 10 years and 30 years, Informa said.
Xerox shares rose 2.2%.
http://www.foxbusiness.com/story/markets/industries/technology/xerox-selling–billion-bonds-fund-acs-buy/

[Author]

December 21, 2009 at 10:43 AM