Pitney Bowes Calls for Redemption of Outstanding 3.375 Percent Notes Due 2021
Pitney Bowes (NYSE:PBI) has announced the redemption of all outstanding 3.375% Notes due 2021, with redemption scheduled for February 22, 2021. The redemption price will total 100% of the principal amount along with accrued interest and any applicable make-whole amount. Following the redemption date, interest on the Notes will cease to accrue. The Bank of New York Mellon will notify all registered holders of the redemption.
- Redemption of 3.375% Notes indicates effective debt management strategy.
- The company maintains positive cash flow to cover redemption obligations.
- The decision to redeem could be seen as a signal of financial restructuring or potential liquidity issues.
- Possible impact on investor confidence due to changing debt levels.
Pitney Bowes Inc. (NYSE:PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, and financial services today announced its call for redemption of all of its outstanding 3.375 percent Notes due 2021 (CUSIP No. 724479 AK6). The Notes were issued under an Indenture dated February 14, 2005, between the Company, as issuer, and The Bank of New York Mellon, successor to Citibank, N.A., as trustee, as supplemented and amended.
The Notes will be redeemed on February 22, 2021, at a redemption price equal to the sum of 100 percent of the aggregate principal amount of the Notes being redeemed and accrued but unpaid interest on those Notes to such Redemption Date, and any make-whole amount. On and after the Redemption Date, interest will cease to accrue on the Notes.
As trustee, The Bank of New York Mellon will deliver a notice of redemption to all registered holders of the Notes.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of ecommerce fulfillment, shipping and returns; cross-border ecommerce; office mailing and shipping; presort services; and financing. For 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com.
Forward Looking Statements
This press release contains “forward-looking statements” about the Company’s intention to redeem the Notes. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause the Company’s actual results to differ materially from those included in the Company’s forward-looking statements. Please see the Company’s risk factors, as they may be amended from time to time, set forth in its filings with the Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K. The Company assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.
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FAQ
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