New York, June 27: Xerox has said it has completed a $3.6bn recapitalisation designed to strengthen its balance sheet, reduce interest payments and push off debt maturities. The company conducted offerings of $472m of common stock, $920m of convertible securities, $700m of seven-year notes and $550m of 10-year notes, and obtained $1bn of new bank financing.
Xerox said it used net proceeds from the offerings and cash to pay down $3.1bn outstanding under its old bank facility, and terminated that facility. It said it boosted the stock offering from $410m and the convertible offering from $800m because of higher-than-expected demand. Bureau Report