Pitney Bowes announces redemption of all of 4.625% notes on June 30

By Tali David

Minneapolis, May 18 - Pitney Bowes Inc. called all of its 4.625% notes due 2012, according to an 8-K filed with the Securities and Exchange Commission.

The bonds will be redeemed on June 30 at a redemption price equal to the greater of (a) 100% of the principal amount of the notes, or (b) as determined by the quotation agent for the notes, the sum of the present values of the remaining scheduled payments of principal and interest on notes. The remaining payments do not include any portion of interest accrued as of June 30, discounted to June 30 on a semiannual basis, assuming a 360-day year consisting of 12 30-day months, at the adjusted Treasury rate. The adjusted Treasury rate is the semiannual equivalent yield to maturity of a security whose price is equal to the comparable Treasury price plus 15 basis points. The exact redemption price is further described in the notes.

U.S. Bank NA is the trustee.

The mail processing equipment company is based in Stamford, Conn.

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