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Xerox is Borrowing Another $400 Million in New Notes Offering.
Xerox Holdings Corporation, a global leader in document management and digital solutions, announced on Monday that it is launching a debt refinancing plan with a new note offering, subject to market conditions. The company is offering up to $400 million in aggregate principal number of Senior Notes due 2029 (the “New Notes”), which will bear interest at a fixed rate. The New Notes will be unsecured and will rank equally with the company’s existing and future senior unsecured debt.
The company intends to use the net proceeds from the sale of the New Notes to refinance its 3.800% Senior Notes due 2024 and a portion of its 5.000% Senior Notes due 2025 through a tender offer and/or a redemption. The aggregate principal amount of the 2024 Notes currently outstanding is $300 million, and the company is offering to purchase for cash an aggregate principal amount of its 2025 Notes up to $94 million.
The tender offer for the 2024 Notes and the 2025 Notes will expire on April 1, 2024, unless extended or earlier terminated by the company. The redemption of the 2024 Notes and the 2025 Notes, if any, will occur on or after April 15, 2024, subject to the satisfaction or waiver of certain conditions.
The company expects to close the sale of the New Notes on or about March 11, 2024, subject to customary closing conditions. The company said that the debt refinancing plan is part of its ongoing efforts to optimize its capital structure, reduce its interest expense, and extend its debt maturity profile.
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