Xerox to sell $400 million guaranteed notes on Wednesday; initial talk mid-to-high 9% area

By Paul A. Harris

Portland, Ore., March 4 – Xerox Holdings Corp. began marketing a $400 million offering of senior guaranteed notes due November 2029 (Ba3/BB) on Monday, according to market sources.

The deal is in the market with initial guidance in the mid-to-high 9% area, a trader said.

Pricing is expected on Wednesday.

The Rule 144A and Regulation S for life 5.6-year notes are non-callable until November 2026.

Citigroup Global Markets Inc. is the left bookrunner. Credit Agricole CIB, Mizuho Securities USA Inc., PNC Capital Markets LLC and Scotia Capital (USA) Inc. are the joint bookrunners. HSBC Securities (USA) Inc. is the co-manager.

The Norwalk, Conn.-based supplier of print and digital document products and services plans to use the proceeds to fund a tender offer for any and all of its 3.8% senior notes due 2024 and a portion of its 5% senior notes due 2025.

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