Xerox Swaps $174M of 2028 Notes Into 2030 Debt, Trims Principal by $53M
XRX sits 93% above its 52-week low of $1.19 on elevated volume (2.9× avg).
Summary
Xerox struck a cashless exchange with an ad hoc group of first lien lenders covering roughly $174 million of its 2028 senior notes, more than 30% of that issue. Holders get $690 of new first lien notes due October 2030 plus $60 of common stock per $1,000 of principal, with the stock priced at a discount to the pre-announcement VWAP. On completion the deal cuts total debt principal by about $53 million and pushes $121 million of 2028 maturities out to 2030, while keeping cash interest roughly neutral. It follows open-market purchases of the same notes earlier this year and comes as management flags intensifying headwinds on the Q3 call today — a small but real step on the leverage problem that has weighed on this highly indebted, sub-$400M-market-cap name. Closing is expected on or about November 13, 2026, subject to limited conditions.
At the time of this announcement, XRX was trading at $2.30 on NASDAQ in the Technology sector, with a market capitalization of approximately $366.4M. The 52-week trading range was $1.19 to $3.78. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.