By Wendy Van Sickle
Columbus, Ohio, July 31 – Pitney Bowes Inc. entered into a note purchase agreement on Monday to provide for the private issuance of $275 million of senior secured notes due March 19, 2028 with interest of SOFR plus 690 basis points, according to an FWP filing with the Securities and Exchange Commission.
The company is required to repurchase 1% of the principal amount per annum on a quarterly basis.
Optional redemptions are permitted at a make-whole amount, plus 500 bps until the second anniversary of closing, then stepping down to 200 bps until the third anniversary and to zero thereafter.
Alter Domus (US) LLC is the noteholder representative. The noteholders include funds managed by Oaktree Capital Management, LP.
The technology company is based in Stamford, Conn.
| Issuer: | Pitney Bowes Inc.
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| Amount: | $275 million
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| Securities: | Senior notes
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| Maturity: | March 19, 2028
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| Coupon: | SOFR plus 690 bps
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| Required repurchase: | 1% of the principal amount per annum on a quarterly basis
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| Optional redemptions: | At make-whole amount, plus 500 bps until the second anniversary of closing, then stepping down to 200 bps until the third anniversary and to zero thereafter
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| Noteholder representative: | Alter Domus (US) LLC
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| Agreement date: | July 31
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| Distribution: | Private placement
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