Xerox Corp.'s bank debt received a boost after investors digested the positive comments that the company's chairman and ceo, Anne Mulcahy, gave at an annual investor conference last Monday. Across the board, the company's bank debt was roughly two points higher, according to traders. Xerox's revolver was quoted in the 84 1/2 86 range. The market for the term loan "B" was at the 95-95 3/4 level, and pieces of the "A" paper are rumored to have changed hands in the 92 1/2 - 93 1/2 context.
Xerox officials were very upbeat during the analyst conference, noted one dealer, citing cost cutting initiatives and a strengthened balance sheet. In addition, the company will be able to meet profit expectations for its 2002 fiscal year. Lawrence Zimmerman, Xerox cfo, could not be reached by press time.