Content area
Full Text
Note: Xerox, the US photocopier manufacturer, drew an astounding $15bn of demand from investors for a three-part $2bn bond offering this week, issued to back its acquisition of Affiliated Computer Services (ACS).
The $6.4bn takeover deal clinched in September, to be made in cash and stock, was initially backed by a $3bn one year bridge loan from JPMorgan.
The $2bn bond will now go towards repaying Affiliated Computer Services' debt, which some of the loan had already been earmarked for, and the remainder of the bond proceeds will fund part of the cash portion of the takeover offer.
Bankers in the US and Europe were impressed by the level of interest in Xerox's issue, which was priced on Tuesday and led by bookrunners Bank...