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12 August 2020
Xerox Takes On More Debt At Higher Rates
NORWALK, CONN—
Xerox is talking on an additiopnal debt of $162 million at higher rates . Xerox is offering of $550 million amount of 5.000% senior notes due 2025 and $550 million amount of 5.500% senior notes due 2028.
Xerox intends to use the net proceeds from this offering to repay at maturity $362 million amount of 3.500% senior notes due 2020 of Xerox and $376 million aggregate principal amount of 2.750% senior notes due 2020 of Xerox , and Xerox intends to use the balance of net proceeds primarily to repay the 4.500% senior notes due 2021 of Xerox at or prior to maturity. The result is Xerox will be paying between 2% to 3% higher for replacing $738 million of debt with a $1.1 billion debt.
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