Roughly $50 million of Xerox's bank debt traded last week as the paper changed hands in a series of small trades. The debt's level did not change from its 92-93 levels reported last week as dealers noted that activity in the name is a function of liquidity rather than news or expectations on the company. with roughly reportedly exchanging hands. No buyers and sellers could be identified.
The name has continued to climb since it notched up to 84 3/4 at the end of November (LMW 11/25) following an announcement by the company that it would return to full-year profitability in 2002. Traders said the name is now traded actively on a consistent basis as there is $7 billion outstanding in credit facilities. Calls to spokeswoman, Christa Carone, were not returned by press time.