...October 31, 2023 NEW YORK (S&P Global Ratings) Oct. 31, 2023--S&P Global Ratings today assigned its '###-' issue-level rating and '1' recovery rating to the proposed $500 million senior secured term loan to be issued by Xerox Corp., which is an operating subsidiary of printer technology and services company Xerox Holdings Corp. This is based on a recovery rating of '1' reflecting the relatively small amount of secured debt in the company's pro forma capital structure relative to its estimated net enterprise value in our hypothetical default scenario. At the same time, we affirmed our '##' issue-level rating on Xerox's senior unsecured notes. The '4' recovery rating is unchanged. We view the proposed transaction as leverage neutral. Xerox intends to use the net proceeds from the term loan, along with cash on hand, to fully repay the $555 million bridge loan that it used to fund its repurchase of shares held by Carl Icahn in September. We already incorporated the bridge loan as a secured...
