05:26 PM EST, 03/05/2024 (MT Newswires) -- Xerox (XRX) said Tuesday it plans to offer $300 million worth of convertible senior notes in a private placement to qualified institutional buyers, subject to market and other conditions.

The company said it also intends to grant initial buyers a 13-day option to purchase up to an additional $45 million worth of notes.

It plans to use the net proceeds to fund the cost of capped call transactions and to pay related fees and expenses.

Additionally, Xerox said it increased the maximum tender cap for its 5.000% senior notes due 2025 to $362 million from $94 million.

Price: 17.25, Change: -1.54, Percent Change: -8.2