Xerox Receives A Boost From Earnings, Agreement

  • 27 Oct 2002
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Xerox's bank debt saw a flurry of activity last week, surging roughly five points. One trader said the company's stronger earnings, spearheaded by $611 million in operating cash flow for the third quarter, caused the rally. Traders noted that the company's revolver was trading in the 71-73 range and its "A" term loan in the 83-85 range. Xerox's "B" piece was quoted in the mid-90s, according to LoanX.

News that Xerox had secured an eight-year agreement with General Electric also gave its bank debt a boost. The agreement provides that GE Vendor Financial Services would become the primary equipment financier for Xerox customers. In turn, Xerox secured an additional $5 billion of funding over the life of the agreement. Calls to Xerox were not returned by press time.

  • 27 Oct 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%