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Xerox Completes Renegotiation of Revolving Credit
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Business New Haven
7/8/2002
By: BNH
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STAMFORD - Xerox Corp. (NYSE: XRX) announced a renegotiation of its $7 billion revolving line of credit. The company has repaid $2.8 billion of the revolver and extended the maturity date for the remaining $4.2 billion.
The new credit facility consists of three term loans totaling $2.7 billion and a $1.5 billion revolving line of credit. The first term loan of $700 million must be completely repaid by its final maturity in September. The remaining term loans and the revolving line of credit have a final maturity of April 30, 2005.
Following the repayment of the $2.8 billion portion of the revolver and $1.3 billion in debt that matured this quarter, Xerox's current worldwide cash position is about $1.7 billion.
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