04:53 PM EDT, 03/11/2024 (MT Newswires) -- Xerox (XRX) said late Monday it closed a private placement of $350 million of 3.75% convertible senior notes due 2030.

Initial purchasers have a 13-day option to buy up to $50 million additional notes, according to the company.

Net proceeds from the offering will be used to fund the cost of capped call transactions, Xerox said.

The company also said the remaining proceeds will be used to help refinance its 3.80% senior notes due 2024 and a portion of its 5% senior notes due 2025, among other uses.