Xerox Receives $496 Million in Financing From GE Capital
Press release from the issuing company
STAMFORD, Conn.--May 13, 2002--Xerox Corporation continues to make significant progress in strengthening its financial position as it delivers on a strategy to build back value and restore the company to good health.
The company announced today that it received $496 million in financing from GE Capital, secured by portions of Xerox's lease receivables in the U.S., which will be amortized over a period that extends into 2005. Xerox and GE Capital expect to complete additional U.S. monetizations this year while the two companies finalize the agreement for GE Capital to become the primary provider of equipment financing for Xerox customers in the U.S.
On May 1, GE Capital Vendor Financial Services and Xerox launched its joint venture, Xerox Capital Services. XCS manages Xerox's customer administration and leasing activities in the U.S., including various financing programs, credit approval, order processing, billing and collections.
In the past year, Xerox has received approximately $2.7 billion in financing from GE Capital, secured by portions of Xerox's lease receivables in the U.S., United Kingdom and Canada.
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