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Published on 10/30/2023 in the Prospect News Bank Loan Daily.

Xerox schedules Tuesday lender call for new $500 million term loan

Chicago, Oct. 30 – Xerox Corp. scheduled a lender call for 1 p.m. ET on Tuesday for a new $500 million term loan, according to a market source.

The six-year first-lien loan will come with soft call protection at 101 for six months.

Amortization of 5% will be due in years one and two. Amortization will step up to 7.5% in year three and then 10% per year thereafter.

Jefferies, Citi, Credit Agricole, HSBC, Mizuho, PNC and Scotia are the arrangers.

Proceeds will be used to refinance a $555 million bridge loan. According to the Prospect News archive, Xerox recently borrowed $555 million to finance the repurchase of 34,245,314 shares of the company’s common stock at a price of $15.84 per share from Carl C. Icahn and certain of his affiliates.

The company said at the time that it planned to refinance the loan facility with permanent financing in the near term.

Xerox is a Norwalk, Conn.-based supplier of print and digital document products and services.


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