Loan & DebtMay 19, 2026, 08:31 AM
Pitney Bowes Extends Credit Facilities to May 2031
AI Summary
Pitney Bowes Inc. announced an amendment to its Credit Agreement, extending the maturity dates of its revolving credit facility and term loan A facility to May 2031. The size of the $450 million revolving credit facility and $152 million term loan A remains unchanged. The amendment also modifies financial covenants, including new ratios for interest coverage, secured net leverage, and total net leverage. Additionally, Fitch Ratings initiated coverage, assigning Pitney Bowes a BB- Long-Term Issuer Default Rating with a Stable Outlook, reflecting confidence in the company's financial position.
Key Highlights
- Pitney Bowes extended its Revolving Credit Facility and Term Loan A maturity to May 2031.
- The Revolving Credit Facility remains $450 million and Term Loan A remains $152 million.
- New financial covenants include a Consolidated Interest Coverage Ratio of not less than 2.00 to 1.00.
- Consolidated Secured Net Leverage Ratio must be no greater than 3.00 to 1.00.
- Consolidated Total Net Leverage Ratio starts at 4.75 to 1.00, decreasing to 4.00 to 1.00 by March 2029.
- Fitch initiated coverage with a BB- Long-Term Issuer Default Rating and Stable Outlook.
- Fitch assigned BB+ to senior secured debt and BB- to senior unsecured bonds.
Price Impact
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