Pitney Bowes has launched cash tender offers for two bond issues, targeting up to $50 million of debt and setting a clear price gap between the two series.
The company is offering to buy back up to $50 million combined of its 6.70% notes due 2043 and its 5.250% medium-term notes due 2037. The 2043 notes carry $349.3 million outstanding, while the 2037 notes have $31.1 million outstanding.
For the 2043 notes, Pitney Bowes is offering $22.00 for each $25 principal amount. For the 2037 notes, it is offering $850.00 for each $1,000 principal amount.
The company set a September 18, 2026 expiration time for the offers, with a September 10, 2026 withdrawal deadline. Settlement is expected on September 22, 2026.
The two bond series are ranked by acceptance priority, with the 2043 notes at priority level 1 and the 2037 notes at level 2. That means the company will first allocate purchases to the 2043 notes before moving to the 2037 issue, subject to the $50 million cap.
Pitney Bowes said it plans to fund the buyback with cash on hand. It also said holders whose notes are accepted will receive accrued and unpaid interest in addition to the tender price.
The company will pay soliciting dealer fees of $0.125 per $25 principal amount of 2043 notes and $5.00 per $1,000 principal amount of 2037 notes, but only for retail holders with $250,000 or less in aggregate principal amount. As a result of these announcements, the company's shares have moved 0.43% on the market, and are now trading at a price of $16.16. Check out the company's full 8-K submission here.
