Pitney Bowes Inc. 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 prices of $767.50 for the 6.70% notes due 2043 and $21.25 for the 5.250% medium-term notes due 2037. 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 for each $25 principal amount of 2043 notes and each $1,000 principal amount of 2037 notes.
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. The company will purchase any notes that are validly tendered and not validly withdrawn prior to the withdrawal deadline, up to the maximum tender amount and subject to the satisfaction and waiver of all conditions to the tender offers, promptly following the expiration time.
The company intends to finance the purchase of notes tendered in the tender offers with cash on hand. The obligation of the company 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.
The company has agreed, upon consummation of the tender offers, to pay a soliciting dealer fee equal to $0.125 for each $25 principal amount of 2043 notes and $5.00 for each $1,000 principal amount of 2037 notes to retail brokers that are appropriately designated by their beneficial holder clients to receive this fee, provided that such fee will only be paid with respect to tenders by beneficial holders whose aggregate principal amount of notes is $250,000 or less.
The company has retained BofA Securities to serve as 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.
This press release does not constitute an offer to purchase securities or a solicitation of an offer to sell any securities. 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.
Pitney Bowes Inc. is a technology-driven products and services company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world. Today the company's shares have moved 5.17% to a price of $9.875. Check out the company's full 8-K submission here.
