NEW YORK (S&P Global Ratings) Aug. 17, 2020--S&P Global Ratings today said U.S.-based print technologies company Xerox Holdings Corp.'s add-on offering of unsecured senior notes (guaranteed by operating company Xerox Corp.) due 2025 and 2028 is leverage neutral. The company will use the net proceeds to repay a portion of its 4.5% senior notes due 2021 by Dec. 31, 2020. We expect the company will have no material debt maturities in 2020 and about $515 million remaining in 2021 after accounting for the proposed offering and expected partial repayment from its $1.1 billion debt raise completed Aug. 6, 2020. All of our ratings, including our 'BB' issuer credit and unsecured senior debt issue-level ratings, are unchanged. The recovery rating remains
