Xerox Holdings Prices Upsized Private Offering Of $350 Mln Of Senior Notes

(RTTNews) - Xerox Holdings Corporation (XRX) said on Thursday that it has priced an upsized private offering of $350,000,000 principal amount of 3.75 percent convertible senior notes due 2030.

The size of the offering was increased by $50 million.

The company intends to use the net proceeds to fund the cost of the capped call transactions.

Any remaining proceeds, together with the net proceeds from the concurrent offering of 8.875 percent senior notes due 2029 will be used to refinance all of the company's outstanding 3.800 percent senior notes due 2024 and a portion of its 5 percent senior notes due 2025.

In addition, the net proceeds will be used to repay a portion of debt, to remit notes offering related expenses, and for general corporate purposes.

Xerox also granted the initial purchasers an option to purchase up to $50,000,000 of additional notes.

The sale of the notes is expected to be closed on March 11.