Loan & DebtJun 25, 2026, 08:16 AM
Pitney Bowes Redeems $347M 2027 Notes, Upsizes Term Loan A by $150M
AI Summary
Pitney Bowes Inc. announced it has redeemed its $347 million aggregate principal amount of 6.875% Senior Notes due March 2027. This action was funded by an additional $150 million in incremental Tranche A term loans, bringing the total Tranche A term loans to $302 million, combined with existing cash and other liquidity sources. The company stated that this move eliminates its nearest-term debt maturity, pushing the next scheduled maturity to March 2029, and is expected to strengthen its balance sheet, reduce leverage, and lower interest expense.
Key Highlights
- Redeemed $347 million aggregate principal amount of 6.875% Senior Notes due March 2027.
- Upsized existing Term Loan A credit facility by an additional $150 million.
- Total aggregate borrowings of Tranche A term loans now stand at $302 million.
- The next scheduled debt maturity for the company is now March 2029.
- Proceeds from the incremental term loans, along with existing cash, funded the redemption.
- Incremental Term Loans have the same maturity (May 2031) and terms as existing Tranche A loans.
Price Impact
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