secwatch.observer — SEC 8-K summary
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Issuer:     XEROX CORP (—)
CIK:        0000108772
Form:       8-K
Filed at:   2023-05-23T23:59:59+00:00
Accession:  0001193125-23-151791
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Xerox enters $300M ABL facility, terminates prior $250M undrawn facility
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/108772/000119312523151791/0001193125-23-151791-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/108772/000119312523151791/d484985d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-151791

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