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Barclays 24 | LSE:17PT | London | Medium Term Loan |
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RNS Number:8145N Xerox Corp 27 November 2001 XEROX RAISES MORE THAN $1 BILLION THROUGH CONVERTIBLE TRUST PREFERRED SECURITIES OFFERING $1.3 Billion In U.S. And U.K. Financing Agreements With GE Capital Complete STAMFORD, Conn., Nov. 27, 2001 - Xerox Corporation (NYSE: XRX) today announced that it has raised more than $1 billion through its convertible trust preferred securities offering, double the initial projections of $500 million. The company received today the net proceeds from the sale. In related news, Xerox confirmed that it has received the previously announced financing from GE Capital, including $835 million secured by portions of Xerox's lease receivables in the U.S., and $450 million secured by receivables in the U.K. "The completion of these financing arrangements is further evidence of Xerox's strengthened financial position and the building confidence in Xerox's turnaround and return to profitability," said Barry D. Romeril, Xerox vice chairman and chief financial officer. With the funding received in the past week and following the repayment of $1.1 billion in debt that matured this quarter, Xerox's current cash position has increased to $3.6 billion, including $230 million in defeasance to guarantee the dividend payments on the convertible trust preferred securities. For additional information about The Document Company Xerox, please visit our Worldwide Web site at www.xerox.com/investor. This release contains forward-looking statements and information relating to Xerox that are based on our beliefs as well as assumptions made by and information currently available to us. The words "anticipate," "believe," "estimate," "expect," "intend," "will" and similar expressions, as they relate to us, are intended to identify forward-looking statements. Actual results could differ materially from those projected in such forward-looking statements. Information concerning certain factors that could cause actual results to differ materially is included in the company's Form 10-Q for the quarter ended September 30, 2001. XEROX(R), The Document Company(R) and the digital X(R) are trademarks of XEROX CORPORATION.
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