secwatch.observer — SEC 8-K summary
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Issuer:     XEROX CORP (—)
CIK:        0000108772
Form:       8-K
Filed at:   2024-03-12T23:59:59+00:00
Accession:  0001193125-24-066013
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Xerox issues $350M convertible notes at 3.75% and $400M senior notes at 8.875% to refinance debt
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- $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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/108772/000119312524066013/0001193125-24-066013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/108772/000119312524066013/d758352d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-066013

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer