Print4Pay Hotel's "MFP Solutions Blog":And the story at Business Wire
"Xerox announced it sold notes to raise $750 million in cash"
NORWALK, Conn.--(BUSINESS WIRE)--Xerox Corporation (NYSE: XRX - News) closed today on a $750 million offering of senior unsecured notes due in 2014 bearing a fixed rate coupon of 8.25%.3/4 of a billion dollars to pay off debt and general purpose? I guess it might make sense, but with an SAG that is over 26% and going in the wrong direction and a Market Cap on Friday of $5.4 billion. Meanwhile, I can't see how total comp of $11,500,00 + $125,000 for commuting makes any sense at all.
Proceeds from the offering will be used to repay a portion of the company's borrowings under its 2007 credit facility and for general corporate purposes.