Xerox seeks $1.25 billion unsecured revolver

By Sara Rosenberg

New York, March 15 - Xerox Corp. is looking to obtain a new $1.25 billion unsecured five-year revolving credit facility, according to a market source.

Citigroup and JPMorgan are the lead banks on the deal.

The revolver was launched via Intralinks to the general market, the source said. There will not be an actual bank meeting to launch the deal.

"A large group of banks have already committed - heavy participation by existing lenders," the source added.

Proceeds will be used to replace the company's existing $1 billion secured credit facility.

The new revolver is expected to carry affirmative, negative and financial maintenance covenants and events of default that are customary for an investment-grade facility.

Xerox is a Stamford, Conn.-based document company.

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