Print Page   |   Contact Us   |   Sign In   |   Register
BTA Hotline: News

Xerox Prices $1 Billion Senior Notes Offering

Tuesday, September 12, 2017  
Share |
Xerox Corp. has announced it has priced $1 billion of 3.625 percent Senior Unsecured Notes due in 2023. The offering is expected to close on Sept. 11, 2017, subject to customary closing conditions.

Net proceeds from the offering will be used by Xerox for general corporate purposes, including to make a $500 million voluntary cash contribution to its U.S. defined benefit pension plans and to refinance a portion of its 6.35 percent Senior Notes due May 2018.

The $500 million pension funding will significantly reduce mandatory cash contributions to U.S. plans in future years beginning 2018 and is incremental to the $350 million of global pension contributions planned in 2017.

In addition, the company is updating its full-year 2017 cash flow from operations guidance to reflect the additional pension contribution. Guidance for operating cash flow from continuing operations was $700 to $900 million, the updated guidance, to reflect the $500 million incremental pension contribution, is $200 to $400 million. The company's ending cash target remains unchanged at $1 billion.

BNP Paribas, BofA Merrill Lynch, Citigroup, Goldman Sachs & Co. LLC and J.P. Morgan are the joint lead book-running managers for the offering.

The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (SEC) and will be made only by means of a prospectus supplement relating to such Offering and the accompanying base shelf prospectus, copies of which may be obtained by contacting:

BNP Paribas Securities Corp.
787 Seventh Ave.
New York, NY 10019
Tel: (212) 841-2871 or (800) 854-5674
new.york.syndicate@bnpparibas.com
Attention: Syndicate Desk

Merrill Lynch, Pierce, Fenner & Smith Incorporated
NC1-004-03-43
200 North College St., 3rd floor
Charlotte, NC 28255-0001
Attn: Prospectus Department
Tel: (8000 294-1322
dg.prospectus_requests@baml.com

Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Ave.
Edgewood, NY 11717
Tel: (800) 831-9146
prospectus@citi.com

Goldman Sachs & Co. LLC
Prospectus Department
200 West St.
New York, NY 10282
Tel: (866) 471-2526, Fax: (212) 902-9316
prospectus-ny@ny.email.gs.com

J.P. Morgan Securities LLC
383 Madison Ave.
New York, New York 10179
Attention: Investment Grade Syndicate Desk - 3rd floor
Tel: (212) 834-4533

These documents have been filed with the SEC and are available at the SEC's website at www.sec.gov.

BTA's Associate Members

Powered by YourMembership  ::  Legal