Xerox to raise $200 million via taps of 5% notes due 2025 and 5˝% notes due 2028; pricing Monday

By Paul A. Harris

Portland, Ore., Aug. 17 – Xerox Holdings Corp. is in the market with $200 million of senior bullet notes (assumed ratings Ba1/BB) coming in the form of add-ons to a pair of tranches that it priced in early August, according to a syndicate source.

The Norwalk, Conn.-based supplier of print and digital document products and services is tapping its 5% notes due Aug. 15, 2025, talked in the 100.25 area, and its 5˝% notes due Aug. 15, 2028, talked in the 102.25 area.

Tranche sizes remain to be determined.

Books close at 12:30 p.m. ET on Monday, and the notes are set to be priced and allocated thereafter.

Citigroup Global Markets Inc. is the bookrunner.

The 2025 notes feature a par call one year prior to maturity, while the 2028 notes feature a par call three months prior to maturity. Apart from those par calls the notes in both tranches are non-callable.

Proceeds from the Rule 144A and Regulation S for life offering will be used to refinance a portion of the company’s 4˝% senior notes due 2021, on or prior to Dec. 31, 2020.

The original issues both came in tranches sized at $550 million, which were priced on Aug. 4.

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