Xerox gets $1 billion 364-day senior term loan at Libor plus 150 bps

By Susanna Moon

Chicago, March 7 – Xerox Corp. said it has closed a $1 billion senior unsecured term loan, to be drawn by April 1.

Interest on the loan will initially be Libor plus 150 basis points.

The loan must be repaid on the earlier of 364 days and upon receipt of financing related to the separation of Xerox into two independent publicly traded companies, according to a company press release.

The loan was arranged by a syndicate of seven banks: JPMorgan Chase Bank, NA; BofA Merrill Lynch; BNP Paribas Securities Corp.; Citigroup Global Markets Inc.; Credit Suisse Securities (USA) LLC; Goldman Sachs Bank USA and Mizuho Bank, Ltd.

Proceeds will be used to repay maturing bonds and for general corporate purposes.

Xerox is a maker of office machines is based in Norwalk, Conn.

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