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Xerox sells $1B issue
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November 27, 2001: 1:43 p.m. ET
Convertible securities offering in addition to $1.3B from GE Capital.
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NEW YORK (CNN/Money) - Xerox Corp. said Tuesday it raised more than $1 billion from a convertible securities offering in addition to previously announced financing of $1.3 billion from GE Capital.
Xerox (XRX: up $0.06 to $8.26, Research, Estimates) said the proceeds from the convertible securities offering are twice the initial projections of $500 million.
"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," CFO Barry D. Romeril said.
The Stamford, Conn.-based company said its cash position now has increased to $3.6 billion.
On Nov. 19 Xerox announced its financing agreement with GE Capital and also said it will post a profit for 2002.
The troubled copier maker has sold assets, cut jobs, shut down business units and halted dividend payments this year in a bid to stem losses. 
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