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Xerox secures $24B in financing commitments for proposed HP takeover

Xerox Holdings Corp. said it had obtained $24 billion in binding financing commitments from at least three major financial institutions for its proposed $33.5 billion acquisition of HP Inc.

The printer and photocopier maker confirmed that Citigroup Global Markets Inc., Mizuho Bank Ltd. and Bank of America NA would provide a $19.5 billion senior unsecured 364-day term loan bridge facility and a $4.5 billion senior unsecured 60-day term loan bridge facility to fund its takeover offer for HP.

Xerox CEO John Visentin said the financing commitments seek to dispel "any doubt" regarding the company's ability to raise the necessary capital for the proposed transaction.

Visentin said the company had engaged in "constructive dialogue" with many of HP's biggest shareholders. "My offer stands to meet with you in person, with or without your advisors, to begin negotiating this transaction," he said in a letter to HP's board.

HP rejected Xerox's acquisition offer for the second time in November 2019, saying the deal significantly undervalued the company.

Citi stands as financial adviser for Xerox, with King and Spalding LLP providing legal counsel. Simpson Thacher & Bartlett LLP provides legal counsel to Xerox in relation to the financing for the proposed deal.

Cravath, Swaine & Moore LLP serves as legal counsel to the financial institutions providing the financing.