Xerox's recently renegotiated credit line saw some serious action in the secondary loan markets last week and, as LMW went to press, one desk had quoted the new paper off three points due to reports that the company will restate its revenue once again. "They are trading all over the place," one trader added. Both Lawrence Zimmerman, cfo, and the company's spokesperson could not be reached by press time.
Earlier last week, traders said the revolver was moving in the 86-88 range, the "A" term loan in the 89-91 context, the "B" term loan in the 98-99 range and the "C" term loan at the 98-98 1/2 level. They added that small pieces of each of the new tranches changed hands.