Xerox (XRX), a provider of business support services, unveiled late Friday the initial settlement of its offer to buy back $300 million in debt and exchange an additional $300 million of existing debt for new 4.070% senior notes due March 17, 2022.
Xerox delivered on Friday an aggregate principal amount of $300 million of new notes and paid an aggregate of $322 million cash consideration.
This settlement is for existing notes accepted for purchase and exchange, plus accrued and unpaid interest on those existing notes from the last interest payment date to, but not including, Friday, and cash in lieu of fractional portions of new notes.
Existing notes accepted for tender were retired and cancelled. Existing notes not accepted for tender will be returned to their tendering eligible holders.
The offers will expire on March 27, unless extended.