STAMFORD, Conn.--Nov. 27, 2001--Xerox Corporation today announced that it has raised more than $1 billion through its convertible trust preferred securities offering, double the initial projections of $500 million. The company received today the net proceeds from the sale. In related news, Xerox confirmed that it has received the previously announced financing from GE Capital, including $835 million secured by portions of Xerox's lease receivables in the U.S., and $450 million secured by receivables in the U.K. "The completion of these financing arrangements is further evidence of Xerox's strengthened financial position and the building confidence in Xerox's turnaround and return to profitability,'' said Barry D. Romeril, Xerox vice chairman and chief financial officer. With the funding received in the past week and following the repayment of $1.1 billion in debt that matured this quarter, Xerox's current cash position has increased to $3.6 billion, including $230 million in defeasance to guarantee the dividend payments on the convertible trust preferred securities.