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Xerox to Receive $1 Billion Loan

By Staff

 

xeroxXerox Corp. will receive a $1 billion loan April 1, “to repay maturing bonds and for general corporate purposes,” the company said in a statement March 7.

The loan has been arranged by a syndicate of seven banks, and must be repaid within one year, or upon receipt of financing related to the separation of Xerox into two independent publicly traded companies, Xerox stated.

The company’s CEO Ursula Burns announced in January the firm would split into two publicly-traded companies, one that will focus on hardware, and another that will focus on services.

JPMorgan Chase Bank, N.A.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; BNP Paribas Securities Corp.; Citigroup Global Markets Inc.; Credit Suisse Securities (USA) LLC; Goldman Sachs Bank USA and Mizuho Bank, Ltd. will make up the bank syndicate.

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