Xerox talks upsized $500 million notes due November 2029 to yield 9%-9¼%; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 6 – Xerox Holdings Corp. upsized its offering of senior guaranteed notes due November 2029 (Ba3/BB) to $500 million from $400 million and talked the notes to yield 9% to 9¼%, according to market sources.

Official talk comes inside of initial guidance in the mid-to-high 9% area.

Reconfirmations were due late Wednesday morning, and the deal is set to price later in the session.

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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