Xerox Prices $1 Billion Senior Notes Offering
September 07 2017 - 5:00PM
Business Wire
Xerox Corporation (NYSE:XRX) today announced that it has priced
$1.0 billion of 3.625% 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% 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 Avenue New York, NY 10019
Tel: +1-212-841-2871, Toll Free:
1-800-854-5674
new.york.syndicate@bnpparibas.com
Attention: Syndicate Desk
•
Merrill Lynch, Pierce, Fenner & Smith Incorporated
NC1-004-03-43 200 North College Street, 3rd floor Charlotte, NC
28255-0001 Attn: Prospectus Department
dg.prospectus_requests@baml.com
Toll Free: 1-800-294-1322
•
Citigroup Global Markets Inc. c/o Broadridge Financial Solutions
1155 Long Island Avenue Edgewood, NY 11717 Toll-free 1-800-831-9146
prospectus@citi.com
•
Goldman Sachs & Co. LLC Prospectus Department 200 West Street
New York, NY 10282 Tel: 1-866-471-2526, Facsimile: 212-902-9316
prospectus-ny@ny.email.gs.com
•
J.P. Morgan Securities LLC 383 Madison Avenue New York, New York
10179 Attention: Investment Grade Syndicate Desk - 3rd floor
Tel: +1-212-834-4533
These documents have been filed with the SEC and are available
at the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities, nor shall
there be any sale of these securities, in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
About Xerox
Xerox Corporation is an $11 billion technology leader that
innovates the way the world communicates, connects and works. Our
expertise is more important than ever as customers of all sizes
look to improve productivity, maximize profitability and increase
satisfaction. We do this for small and mid-size businesses, large
enterprises, governments, graphic communications providers, and for
our partners who serve them.
We understand what’s at the heart of work – and all of the forms
it can take. We embrace the increasingly complex world of paper and
digital. Office and mobile. Personal and social. Every day across
the globe – in more than 160 countries – our technology, software
and people successfully navigate those intersections. We automate,
personalize, package, analyze and secure information to keep our
customers moving at an accelerated pace. For more information
visit www.xerox.com.
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Xerox® and Xerox and Design® are trademarks of Xerox in the
United States and/or other countries.
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version on businesswire.com: http://www.businesswire.com/news/home/20170907006689/en/
Media:XeroxCarl Langsenkamp,
+1-585-423-5782carl.langsenkamp@xerox.com
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