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Fitch rates Xerox notes BBB
Fitch Ratings said it assigned a BBB rating to Xerox Corp.'s proposed offering of senior unsecured five-, 10- and 30-year notes.
The outlook is negative.
Net proceeds from the offering will fund a portion of the cash consideration for Xerox's proposed acquisition of Affiliated Computer Services, Inc., as well as to repay a portion of Affiliated Computer's senior credit facility due upon completion of the merger.
Fitch said it expects that $3.8 billion total funding will be needed from a combination of term debt issuance, cash on hand and drawings under the company's $2 billion revolving credit facility.
Fitch expects that after the transaction closes, Xerox will use the majority of its free cash flow to repay debt with no share repurchases and only modest acquisition activity.
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