Xerox raises $1bn from convertible bond offer

Xerox Corp has announced that it has raised more than $1bn through its convertible trust preferred securities offering.

The company had expected proceeds of $900m as it raised the offer from the original $500m issue.

The company said it received today the net proceeds from the sale.

Separately, Xerox confirmed that it has received the previously announced financing from GE Capital, including $835m secured by portions of Xerox's lease receivables in the US, and $450m secured by receivables in the UK

With the funding received in the past week and following the repayment of $1.1bn in debt that matured this quarter, Xerox said its current cash position has increased to $3.6bn, including 230 million in defeasance to guarantee the dividend payments on the convertible trust preferred securities.