By Paul A. Harris
St. Louis, Sept. 20 - Xerox Corp. priced a $250 million add-on to its 6 7/8% senior notes due Aug. 15, 2011 (Ba2/B+) at 104.25 on Monday to yield 6.108%, according to an informed source.
Price talk was 104 to 104.25.
Citigroup and JP Morgan ran the books for the off-the-shelf deal.
Proceeds will be used for general corporate purposes.
The original $500 million priced on Aug. 5, 2004 at par.
The issuer is a document processing equipment and services company based in Stamford, Conn.
| Issuer: | Xerox Corp.
|
| Amount: | $250 million
|
| Security description: | Add-on to the 6 7/8% senior notes
|
| Bookrunners: | Citigroup, JP Morgan
|
| Maturity: | Aug. 15, 2011
|
| Coupon: | 6 7/8%
|
| Price: | 104.25
|
| Yield: | 6.108%
|
| Spread: | 249 basis points
|
| Call protection: | Non-callable for the life of the bond
|
| Equity clawback: | Until Aug. 15, 2007 for 35% at 106.875
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 23, 2004 with accrued interest
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: B+
|
| Price talk: | 104-104.25
|
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