The following appears on DemocratAndChronicle.com
By Brian Sharp – Xerox announced Monday that it had secured a $1-billion loan to pay off maturing bonds and for “general corporate purposes” as it moves toward splitting into two companies at the end of this year.
The loan, to be drawn April 1, must be repaid in 364 days or upon receipt of financing related to the split.
The Connecticut-based company’s need for short-term financing bolsters those skeptical that the separation was planned by, rather than forced upon, the firm, said George Conboy, an investor and chairman of Brighton Securities.
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