---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-247777"
form_type: "8-K"
ticker: null
cik: "0000108772"
company_name: "XEROX CORP"
filed_at: "2023-10-02T23:59:59+00:00"
generated_at: "2026-06-10T06:14:40.569466+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Xerox enters $555M bridge loan at 8.5% to fund Icahn share repurchase; board changes

## Summary
- Loan of $555M at 8.50% initial rate, stepping up 0.25% every 90 days; matures in 5 years.
- Proceeds used to repurchase 34,245,314 shares from Carl Icahn at $15.84/share.
- Board members Lynn, Miller, Nelson resigned; Scott Letier becomes Chairman.
- Loan initially unsecured; after Nov 30, 2023, becomes secured with second lien on working capital and first lien on other assets.
- Xerox anticipates refinancing loan with permanent financing in near term.

## SEC filing metadata
- accession: 0001193125-23-247777
- form_type: 8-K
- cik: 0000108772
- company_name: XEROX CORP
- filed_at: 2023-10-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/108772/000119312523247777/0001193125-23-247777-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/108772/000119312523247777/d472248d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-247777
- JSON: https://secwatch.observer/filing/0001193125-23-247777.json
- Plain text: https://secwatch.observer/filing/0001193125-23-247777.txt

## Key facts
- Debt Financings
  XEROX CORP incurred term loan of $555,000,000 loan facility with Jefferies Finance LLC at annual rate of 8.50%, payable monthly in arrears, which rate will be increased b maturing five-year anniversary of the closing date.
  - Instrument: term loan
  - Principal: $555,000,000 loan facility
  - Counterparty: Jefferies Finance LLC
  - Rate: annual rate of 8.50%, payable monthly in arrears, which rate will be increased b
  - Maturity: five-year anniversary of the closing date
  - Event: incurrence
  source text: On September 28, 2023, Xerox Corporation (“Xerox”), as borrower, its parent company, Xerox Holdings Corporation (the “Company”) and certain of Xerox’s subsidiaries, as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with Jefferies Finance LLC (“Jefferies Finance”), as the Administrative Agent, Collateral Agent and Lender pursuant to which Jefferies Finance provided Xerox with a $555,000,000 loan facility
  evidence_url: https://www.sec.gov/Archives/edgar/data/108772/000119312523247777/0001193125-23-247777-index.htm
- Material Agreements
  XEROX CORP entered into Credit Agreement with Jefferies Finance LLC valued at $555,000,000 loan facility (effective 2023-09-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Jefferies Finance LLC
  - Value: $555,000,000 loan facility
  - Effective: 2023-09-28
  source text: On September 28, 2023, Xerox Corporation (“Xerox”), as borrower, its parent company, Xerox Holdings Corporation (the “Company”) and certain of Xerox’s subsidiaries, as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with Jefferies Finance LLC (“Jefferies Finance”), as the Administrative Agent, Collateral Agent and Lender pursuant to which Jefferies Finance provided Xerox with a $555,000,000 loan facility (the “Loan Facility”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/108772/000119312523247777/0001193125-23-247777-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.