Xerox Raises $1.4 Billion Through Senior Notes Offerings

NORWALK, Conn., April 28, 2008  -- Xerox Corporation (NYSE: XRX) closed today on a $400 million offering of senior unsecured notes due in 2013 bearing a fixed rate coupon of 5.65 percent, and a $1 billion offering of senior unsecured notes due in 2018 and bearing a fixed rate coupon of 6.35 percent.

Proceeds from the offerings will be used to repay the company's borrowings under its 2007 credit facility and for general corporate purposes. The offering follows last week's investment grade credit rating upgrade from Standard and Poor's Rating Services from BBB- to BBB.