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Pitney Bowes holders tender all preferreds by early deadline in offer
By Angela McDaniels
Tacoma, Wash., Oct. 15 - Pitney Bowes Inc. said all of the series A, series B, series C and series D variable-term voting preferred stock of Pitney Bowes International Holdings, Inc. had been tendered as of 5 p.m. ET on Oct. 15, the early tender date.
The company has elected to accept the tendered preferreds early, and payment will be made on Oct. 16, according to a company news release.
The tender offers began Sept. 30 and were scheduled to expire at midnight ET on Oct. 28.
A tender offer for the company's series E variable-term voting preferreds also began on Sept. 30, but it was later canceled.
Holders will receive $100,000 per unit. The payment includes a $3,000 early tender payment.
Holders will also receive accrued dividends up to but excluding the settlement date.
Each unit consists of 1,000 preferreds, and each preferred has a liquidation preference of $100.
The number of units tendered was 700 for the series A preferreds, 650 for the series B preferreds, 650 for the series C preferreds and 1,000 for the series D preferreds.
The company will use cash on hand and the proceeds from a financing to fund the offers.
The offers were subject to Pitney Bowes International obtaining the needed financing. They were not conditioned on any minimum number of preferreds being tendered.
Bank of America Merrill Lynch (888 292-0070 or 646 855-3401) and Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) were the dealer managers, and Global Bondholder Services Corp. (866 470-3800 or 212 430-3774) was the information agent.
Pitney Bowes makes mail-processing equipment and is based in Stamford, Conn.
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