The credit facility consists of a 425m revolving facility and a 180m term loan, both of which will mature in September 2008.

Xerox used net proceeds from the public offerings as well as a portion of its current cash balance to pay and terminate the 1.8bn outstanding under its existing bank facility.

The company raised 287m through the sale of 46m shares at 6.20 per share, and 559m through the sale of 9.2m shares of a three-year convertible stock at 60.70 per share.

The recapitalisation also included the sale of 425m of a seven-year senior unsecured notes due 2010, and 334m of 10-year senior unsecured notes due 2013.