XEROX CORP: debt financing — Xerox issues $350M convertible notes at 3.75% and $400M senior notes at 8.875% to refinance debt

XEROX CORP

$350M 3.75% Convertible Senior Notes due 2030; initial conversion price ~$20.84, a 25% premium to $16.67 closing.
$400M 8.875% Senior Notes due 2029; offering size increased from $300M to $400M.
Net convertible proceeds ~$339M; ~$20M used for capped calls; balance will refinance 3.800% notes due 2024 and 5.000% notes due 2025.
Capped call transactions limit dilution; cap price ~$28.34 per share (70% premium over $16.67 closing).

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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 convertible notes of $350 million aggregate principal amount with initial purchasers at 3.75% per year maturing March 15, 2030.

Instrument: convertible notes
Principal: $350 million aggregate principal amount
Counterparty: initial purchasers
Rate: 3.75% per year
Maturity: March 15, 2030
Event: incurrence

Exact text from the filing

On March 11, 2024, Xerox Holdings Corporation (the “Company”) completed its private offering of $350 million in aggregate principal amount of 3.75% Convertible Senior Notes due 2030 (the “Notes”).

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

XEROX CORP entered into Indenture with U.S. Bank Trust Company, National Association valued at $350 million (effective 2024-03-11).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $350 million
Effective: 2024-03-11

Exact text from the filing

the Company entered into an Indenture, dated March 11, 2024 (the “Indenture”), with Xerox Corporation and Xerox Business Solutions, LLC, as guarantors, and U.S. Bank Trust Company, National Association, as trustee.

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Source: SEC EDGAR

accession 0001193125-24-066013

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