Xerox calls all $1.035 billion 7½% convertible preferreds

Pittsburgh, Nov. 4 - Xerox Corp. will redeem all its $1.035 billion outstanding 7½% convertible trust preferred securities due 2021 at a price of $51.875 per securities plus accrued interest, according to a company news release.

The redemption date is Dec. 6.

Holders can convert their securities into shares of Xerox common stock at a conversion rate of $9.125 per share by 5 p.m. ET on Dec. 3. The securities are convertible into a maximum of 113,425,650 shares of stock, the release said.

Xerox stock closed at $16.40 Thursday.

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

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