The Rollercoaster Ride of Xerox Holdings CorporationXRX unfolds once again with shares taking a downward spiral today.

Yesterday, Xerox made a bold move by throwing $300 million into the hat with the announcement of its intention to offer convertible senior notes in a private placement specifically for qualified institutional buyers.

Pushing the envelope further, the company sweetened the deal by granting initial purchasers a 13-day option to snag an additional $45 million of notes.

Not content with stopping there, Xerox also turned heads by upping the stakes on its 5.000% senior notes due 2025 with the maximum tender cap now set at a jaw-dropping $362 million from an initial $94 million for the 2025 notes eligible for repurchase under the ongoing cash tender offer.

In a strategic chess move, Xerox kept the terms unchanged for the cash tender offer concerning its 3.800% senior notes due 2024, maintaining its position in the market.

Fueling speculation and curiosity, Xerox earmarks the anticipated net proceeds to bankroll the cost of capped call transactions and to fuel its general corporate engine.

Last month, Xerox stumbled over a rocky fourth quarter, reporting a sales downturn of 9.1% year-over-year to $1.77 billion, missing the bullish $1.79 billion estimate alongside adjusted EPS of $0.43 – a far cry from the expected $0.52.

The company faced headwinds as equipment sales nosedived by 17.3%, while post-sale revenue took a 5.8% hit, and FY24 revenue projections landed below market consensus, painting a seemingly gloomy picture.

On the Market’s Edge: XRX shares are reeling a 9.21% loss, dwindling down to $17.06 as investors scrutinize Wednesday’s market scoreboard.