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Xerox Receives $340 Million in Financing, Current Cash Position at $3.9 Billion

Press release from the issuing company

STAMFORD, Conn.---Jan 3, 2002 --Xerox has announced that it has received $340 million in financing from GE Capital, secured by portions of Xerox's lease receivables in the United States. With this funding and following the repayment of $1.1 billion in debt that matured this quarter, Xerox's current cash position has increased to approximately $3.9 billion. The $340 million is in addition to the $835 million received last month from GE Capital, with additional funding expected in February 2002. These financing arrangements amortize over a period that extends into 2004.