Pitney Bowes to sell at least $75 million $25-par 10-year senior notes talked at 5.25%-5.375%

By Stephanie N. Rotondo

Phoenix, Nov. 19 - Pitney Bowes Inc. is expected to price at least $75 million of $25-par senior notes due November 2022, a trader told Prospect News early Monday.

The notes are expected to be rated Baa2 by Moody's Investors Service and BBB by Standard & Poor's. Price talk is 5.25% to 5.375%.

The Stamford, Conn.-based office supply manufacturer can call the notes at par on or after November 2015 or prior to that date with a make-whole premium.

There is a change-of-control feature.

Morgan Stanley & Co. LLC and Bank of America Merrill Lynch are the joint bookrunners. Co-managers are RBC Capital Markets and RBS Securities Inc.

Proceeds will be used for general corporate purposes. The securities are expected to be listed on the New York Stock Exchange.

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