secwatch.observer — SEC 8-K summary
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Issuer:     XEROX CORP (—)
CIK:        0000108772
Form:       8-K
Filed at:   2023-10-02T23:59:59+00:00
Accession:  0001193125-23-247777
Event type: debt
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/108772/000119312523247777/0001193125-23-247777-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/108772/000119312523247777/d472248d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-247777

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