Pitney Bowes Inc. (NYSE: PBI) has announced the commencement of tender offers to purchase up to $75,000,000 aggregate principal amount of its outstanding 6.70% notes due 2043 and 5.250% medium-term notes due 2037. The tender offers are scheduled to expire at 11:59 p.m., New York City time, on December 19, 2025.
The company is offering to purchase the notes at the following prices: 6.70% notes due 2043: $1,025 for each $1,000 principal amount 5.250% medium-term notes due 2037: $1,153 for each $1,000 principal amount
Holders of the notes who validly tender their notes prior to the expiration of the tender offers will be eligible to receive the tender offer consideration, excluding accrued and unpaid interest from the applicable last interest payment date up to, but not including, the settlement date.
The company also announced that holders of the notes may withdraw their validly tendered notes at any time at or prior to 5:00 p.m., New York City time, on December 12, 2025, unless extended by the company.
The company intends to finance the purchase of the tendered notes with cash on hand and has stated that the obligation to accept for purchase and to pay the tender offer consideration and the accrued and unpaid interest on the notes pursuant to the tender offers is not subject to any minimum tender condition, but is subject to the maximum tender amount, the application of the acceptance priority levels, and the satisfaction or waiver of certain conditions described in the offer to purchase.
In addition, upon consummation of the tender offers, the company has agreed to pay a soliciting dealer fee to retail brokers that are appropriately designated by their beneficial holder clients to receive this fee.
Pitney Bowes has retained BofA Securities to serve as the dealer manager for the tender offers and Global Bondholder Services Corporation has been retained to serve as the information agent and tender agent for the tender offers.
The company has clearly stated that the tender offers are not being made to holders of the notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction.
As of the date of the offer to purchase, the aggregate principal amount outstanding for the 6.70% notes due 2043 is $425,000,000 and for the 5.250% medium-term notes due 2037 is $35,841,000.
The company's financial results and the impact of this tender offer will be of significant interest to investors and stakeholders, and further developments in this regard are likely to be closely monitored. As a result of these announcements, the company's shares have moved -0.95% on the market, and are now trading at a price of $9.39. Check out the company's full 8-K submission here.
