Xerox Holdings Stock Falls 9% After Convertible Debt Deal
By Will Feuer
Shares of Xerox were lower after the printer and copier maker said it plans to offer $300 million worth of convertible debt in a private deal with institutional buyers.
The stock fell almost 9% to $17.15 in premarket trading. Through Tuesday, shares were up almost 13% from a year ago.
Xerox said it will use the proceeds from the debt offering to refinance some of its debt coming due this year and in 2025. The company said it will also use proceeds to fund privately negotiated capped call transactions that are meant to reduce dilution in the company's stock upon any potential conversion of the notes.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
March 06, 2024 09:17 ET (14:17 GMT)
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