Xerox to exchange $174 million of 2028 notes for 2030 notes and common stock
Xerox Holdings and Xerox Corporation agreed with consenting holders to exchange about $174.0 million of 2028 notes, about 31.1% of that series, for new 10.250% first lien notes due 2030 and Holdings common stock. The companies expect the transaction to reduce overall debt principal by about $53 million and extend $121 million of debt maturing in 2028 to 2030, but it also adds new shares and a higher coupon than the 5.500% 2028 notes.
Key points
- Exchange offer covers about $174.0 million of 2028 notes, or 31.1% of the outstanding series.
- For each $1,000 of 2028 notes exchanged, holders receive $690 of new 10.250% first lien notes due 2030 and 3,872,062 shares of common stock in total, or an additional $60 principal of notes in limited circumstances.
- Early exchange deadline is November 12, 2026; settlement is expected on or about November 13, 2026.
- The companies expect the transaction to reduce overall debt principal by about $53 million and keep cash interest approximately neutral.
The filing
Written by AI on Nov 9, 2026, 11:43 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 29, 2026.
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