...January 3, 2025 NEW YORK (S&P Global Ratings) Jan. 3, 2025--S&P Global Ratings today placed its 'B+' issue-level rating on the senior unsecured notes issued by Xerox Holdings Corp. and its wholly owned subsidiary, Xerox Corp., on CreditWatch with negative implications. This reflects the likelihood that its unsecured debt will be further subordinated by more secured debt after the proposed acquisition of Lexmark International Inc., which we expect to close in the second half of 2025. All other issue-level ratings and our 'B+' issuer credit rating on Xerox are unchanged. Xerox has secured debt commitments of about $1.4 billion. It intends to use the proceeds, its cash balance, and its revolving asset-based lending facility to fund the acquisition and repay its $388 million senior notes due in August 2025. These commitments are a $356.7 million incremental senior secured term loan, a $550 million senior secured term loan, and $500 million of senior unsecured debt. Depending on the final details...
