Xerox $1 billion credit facility may launch to retail shortly

By Sara Rosenberg

New York, June 10 - Xerox Corp.'s $1 billion credit facility, which is already out to managing agents, is expected to launch for general syndication in the near term, a source close to the deal told Prospect News on Tuesday.

JPMorgan and Deutsche Bank, joint lead arrangers on the deal, Goldman Sachs, Citigroup, UBS and Merrill Lynch are all designated as equal underwriters.

The facility consists of a $700 million revolver and a $300 million term loan. Price talk on the tranches was said to be Libor plus 300 basis points.

The syndicate declined to comment on the deal, which has been talked about in the market since May, or confirm any of the details.

The credit facility is part of a major refinancing plan that will also include a high yield bond offering, convertible offering and common equity offering, according to the source.

Proceeds from all the different debt and equity offerings will be used to repay the Stamford, Conn. document company's existing bank debt.

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