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Xerox’s Bonds Trend Lower Despite Raising $450mn via a JV with TPG
February 23, 2026
Xerox’s bonds continued to drop across the curve, falling by over 1.5 points even as the company raised $450mn through the creation of a new joint venture with private equity firm TPG. The joint venture (JV) will focus on its intellectual property (IP) portfolio in an effort to boost its balance sheet and improve its financial stability. While the IP assets will be transferred into the new structure, Xerox will retain full operational rights to use its brand and related IP under a long-term licensing arrangement. Capital will be infused via secured debt and preferred equity at the JV-level. Proceeds are expected to be distributed to Xerox to strengthen liquidity, support its debt management efforts and to progress on its strategic priorities. Analysts note that the creation of a JV structure would help Xerox avoid a permanent divestiture of its brand assets as compared to an outright sale. Xerox’s shares rose by ~5% in intraday trading but ended Friday unchanged. The company has been marred by rating downgrades amid refinancing concerns, weakening cashflows and soft earnings. Earlier this month, Xerox launched a major balance-sheet restructuring aimed at cutting debt and restoring financial stability.
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