Xerox Corporation based in Stamford, Connecticut, has incorporated a financing subsidiary in the TCI. The subsidiary, called Xerox Captial LLC, was incorporated on July 30th 1996 and has an authorised capital of CAN $400,005,000 divided into 5,000 Common Shares of $1.00 each and 16,000,000 Preferred Shares of $25.00.
An initial two million of the Preferred Shares have been issued as Deferred Preferred Shares with a par value of US $25.00 per share. The Deferred Preferred Shares have been underwritten by some of Canada's largest securities brokers, including CIBC Wood Gundy Securities Inc., Scotia McLeod Inc., RBC Dominion Securities Inc. and Richardson Greenshields of Canada Ltd.
The Deferred Preferred Shares are being listed on the Toronto Stock Exchange. The proceeds of the sale of these shares amounting to CAN $50,000,000 will be lent to Xerox Corporation. A prospectus relating to the issue and sale of the Deferred Preferred Shares has been filed with the Canadian provincial Securities Commission in Grand Turk. The Deferred Preferred Shares may not be offered or sold within the US or to US persons or sold within the TCI or to TCI persons.
Xerox Corporation and Xerox Capital used the services of Stikeman Elliot in Toronto and those of Misick & Stanbrook in TCI. The underwriters were presented by McMillan Binch of Toronto.
Xerox Corporation is the latest in a series of large US corporations which have established TCI financing subsidiaries since the enactment of limited life companies (LLC) legistlation in 1994. Others include Texaco Inc., Enron Corp and USX Inc.
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Xerox Forms TCI Financing Subsidiary
