By Stephanie N. Rotondo
Phoenix, Nov. 20 - Pitney Bowes Inc. sold $100 million of 5.25% $25-par senior notes due Nov. 27, 2022, the company said in an FWP filed with the Securities and Exchange Commission on Tuesday.
The Stamford, Conn.-based office supply manufacturer can call the notes at par on or after Nov. 27, 2015 or prior to that date with a make-whole premium of Treasuries plus 55 basis points.
There is a change-of-control feature.
Morgan Stanley & Co. LLC and Bank of America Merrill Lynch are the joint bookrunners.
Proceeds will be used for general corporate purposes. The securities are expected to be listed on the New York Stock Exchange.
| Issuer: | Pitney Bowes Inc.
|
| Securities: | Senior notes
|
| Amount: | $100 million
|
| Greenshoe: | $15 million
|
| Maturity: | Nov. 27, 2022
|
| Bookrunners: | Morgan Stanley & Co. LLC, Bank of America Merrill Lynch
|
| Co-managers: | RBC Capital Markets LLC, RBS Securities Inc.
|
| Underwriters: | HSBC Securities (USA) Inc., BNY Mellon Capital Markets, LLC, Janney Montgomery Scott LLC
|
| Coupon: | 5.25%
|
| Price: | Par of $25
|
| Yield: | 5.25%
|
| Talk: | 5.25% to 5.375%
|
| Call options: | On or after Nov. 27, 2015 or prior to that date with a make-whole premium; also in event of change of control
|
| Make-whole premium: | Treasuries plus 55 bps
|
| Pricing date: | Nov. 19
|
| Settlement date: | Nov. 27
|
| Expected ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Cusip: | 724479407
|
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