XEROX CANADA TO LEND XEROX U.S. $ 300-Million

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XEROX CANADA TO LEND XEROX U.S. $ 300-Million

 user 2008-10-07 at 2:09:57 pm Views: 60
  • #20778

    http://www.globeinvestor.com/servlet/story/RTGAM.20081003.wzerocks1003/GIStory/
    Xerox Canada to lend parent up to $300-million
    TORONTO — — Xerox Canada Ltd. says it intends to lend its parent, Xerox Corp., to $300-million, with excess cash that’s available to the Toronto-based subsidiary.The loan, to mature on or before Dec. 15, 2009, would be on “commercially reasonable” terms even though it’s a related-party transaction.The actual amount of the loan would be reduced by an amount equal to whatever has already been lent to Xerox Corp. or its affiliates. Currently, that amount is $180-million.Xerox Canada is a wholly owned subsidiary of the Connecticut-based copier company.

    Xerox Canada Approves Inter-Company Loan

    TORONTO, Oct.08 – Xerox Canada Inc. announced today that its subsidiary, Xerox Canada Ltd., intends to lend Xerox Corporation up to CAD$300,000,000 (the “Loan”). The Loan, which will be on commercially reasonable arm’s length terms with a maturity date of on or before December 15, 2009, will be funded from excess cash available to Xerox Canada Ltd. The amount available to be borrowed by way of the Loan will be reduced by any then outstanding loans to Xerox Corporation or its affiliates. Currently, there is a CAD$180,000,000 loan outstanding from Xerox Canada Ltd. to an affiliate of Xerox Corporation. Although the Loan would be a “related party transaction” within the meaning of applicable Canadian securities legislation, no formal valuation is required and it is exempt from the related party minority approval requirements.