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

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2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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