Xerox trying to sell loan it used to buy out Icahn

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Xerox trying to sell loan it used to buy out Icahn

Bloomberg News is reporting that Xerox is selling a $500 million loan to help fund its repurchase of stock shares formerly held by corporate raider, Carl Icahn (who previously prevented Fujifilm from acquiring Xerox)

New debt will replace a $550 million bridge loan Xerox just took on
Xerox is offering:
- Pay down 5% of debt in first 2 years
- 7.5% in year 3
- 10% afterward
- Moody’s Investor Service downgraded Xerox’s unsecured bonds one step to Ba3 – three notches into junk status

11/6/234:41 PM

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Xerox trying to sell loan it used to buy out Icahn

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