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 2:10:50 pm Views: 62
  • #20409

    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.