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Xerox receives $496 million in financing from GE Capital

May 14, 2002 12:00 AM

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Xerox Corp. (Rochester, NY) has reportedly received $496 million in financing from GE Capital, secured by portions of Xerox’s lease receivables in the U.S., which will be amortized into the year 2005. Xerox and GE Capital expect to complete additional U.S. securitizations this year while the two companies finalize the agreement for GE Capital to become the primary provider of equipment financing for U.S. Xerox customers. At the beginning of May, Xerox and GE Capital launched Xerox Capital Services, a joint venture that manages Xerox’s customer administration and leasing activities in the U.S. In the past year, Xerox has received about $2.7 billion in financing from GE Capital.