XEROX CORP: debt financing — Xerox enters $300M ABL facility, terminates prior $250M undrawn facility

XEROX CORP

New $300M asset-based revolving credit facility with Citibank as agent, matures May 22, 2028.
Uncommitted accordion feature allows increase by up to $250M; includes $100M letter of credit subfacility.
Interest: ABR Loans at base rate plus 1.0% margin (initial); Term SOFR Loans at SOFR plus 2.0% margin (initial).
Prior $250M credit agreement dated July 2022 terminated on May 17, 2023; never drawn.
ABL secured by working capital assets of Xerox, Holdings, and certain Canadian/UK subsidiaries; springing fixed charge coverage ratio covenant.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

XEROX CORP incurred credit facility of up to $300.0 million with Citibank, N.A., as administrative agent and collateral agent, and the lenders party thereto at ABR Loans: highest of Citibank's base rate, 0.5% in excess of NYFRB rate, or 1.0 maturing May 22, 2028.

Instrument: credit facility
Principal: up to $300.0 million
Counterparty: Citibank, N.A., as administrative agent and collateral agent, and the lenders party thereto
Rate: ABR Loans: highest of Citibank's base rate, 0.5% in excess of NYFRB rate, or 1.0
Maturity: May 22, 2028
Event: incurrence

Exact text from the filing

On May 22, 2023, Xerox Corporation (“Xerox”), as borrower, and its parent company, Xerox Holdings Corporation (the “Company”), entered into an asset-based revolving credit agreement (the “Credit Agreement”) with Citibank, N.A., as administrative agent and collateral agent (the “Agent”), and the lenders and issuing banks party thereto, providing for an asset-based, senior secured revolving credit facility (the “ABL”) of up to $300.0 million.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

XEROX CORP entered into Credit Agreement with Citibank, N.A., as Administrative Agent, Collateral Agent and Swing Line Lender; Credit Agricole Corporate and Investment Bank as Joint Bookrunner and Joint Lead Arranger; PNC Bank, National Association as Co-Collateral Agent; and the lenders and issuing banks party thereto valued at $300,000,000 (effective 2023-05-22).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A., as Administrative Agent, Collateral Agent and Swing Line Lender; Credit Agricole Corporate and Investment Bank as Joint Bookrunner and Joint Lead Arranger; PNC Bank, National Association as Co-Collateral Agent; and the lenders and issuing banks party thereto
Value: $300,000,000
Effective: 2023-05-22

Exact text from the filing

$300,000,000 CREDIT AGREEMENT, dated as of May 22, 2023, among XEROX CORPORATION, as the Company and a Borrower, XEROX HOLDINGS CORPORATION, as Holdings, THE SUBSIDIARIES OF THE COMPANY SET FORTH ON SCHEDULE 1.01A, as Guarantors, THE SUBSIDIARY BORROWERS FROM TIME TO TIME PARTY HERETO, as Borrowers, THE LENDERS AND ISSUING BANKS PARTY HERETO, and CITIBANK, N.A., as Administrative Agent, Collateral Agent and Swing Line Lender

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Source: SEC EDGAR

accession 0001193125-23-151791

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