By Andrea Heisinger
Omaha, March 5 - Pitney Bowes Inc. priced $250 million 5.6% 10-year medium-term notes (A1/A+) to yield Treasuries plus 215 basis points, market sources said.
The notes priced in line with price talk that was in the 215 bps area over Treasuries.
The notes have a price of 98.883 and a make-whole redemption of Treasuries plus 35 bps.
The issue features a change-of-control put of 101%.
Agents were Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. Co-agents were Citigroup Global Markets Inc., Credit Suisse Securities LLC and Morgan Stanley & Co. Inc.
The mail processing equipment company is based in Stamford, Conn.
| Issuer: | Pitney Bowes Inc.
|
| Issue: | Medium-term notes
|
| Amount: | $250 million
|
| Maturity: | March 15, 2018
|
| Lead managers: | Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
|
| Co-managers: | Citigroup Global Markets Inc., Credit Suisse Securities LLC, Morgan Stanley & Co. Inc.
|
| Coupon: | 5.6%
|
| Price: | 98.883
|
| Spread: | Treasuries plus 215 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Change-of-control put: | 101%
|
| Trade date: | March 4
|
| Settlement date: | March 7
|
| Ratings: | A1/A+
|
| Price talk: | 215 bps area
|
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