Xerox's bank debt bobbed last week, dipping a couple of points last Monday before coming back up by midweek. The paper dropped on concerns of weak results from the company as well as a softer market in general. As a result, the revolver reportedly traded in the high 80s. After Xerox released its numbers, however the paper recovered. By Wednesday, the revolver was quoted in the 90-91 context, according to LoanX.
The company reported earnings of one cent per share for the fourth quarter and two cents per share for the full year compared to losses in both time frames last year. Xerox's bank debt has been a lot stronger over the last couple of months following an analyst conference in December, when company officials spoke of cost cutting initiatives and a strengthened balance sheet. Calls to Lawrence Zimmerman, Xerox cfo, were not returned.