Irish Bank Unloads Xerox

  • 19 Jan 2003
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A $35 million piece of Xerox Corp.'s revolver, "A" term loan and "B" tranche was auctioned off last Thursday for a combined price of 93 1/2, according to dealers. Bank of Ireland is believed to have sold the paper, but a buyer could not be determined. There was no event that triggered the sell-off, according to market players. Some traders suggested that the price of the bank debt has been climbing up and the bank simply gained approval to sell off the paper. Individually, the revolver has been trading in the low 90s up from the mid-80s. The "A" and "B" pieces are quoted as high as 95-96 up from the low-to-mid 90s levels, where they were trading late last year.

Xerox amended and restated its credit agreement in June. At that time, the company's J.P. Morgan and Bank One-led facility comprised a $1.5 billion revolver, a $1.5 billion "A" term loan, a $500 million "B" piece and a $700 million "C" term loan. Calls to the company's financial officials were not returned by press time. A spokeswoman for Bank of Ireland declined comment.

  • 19 Jan 2003

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