Pitney Bowes launches $25-par notes due 2043; talk around 6.75%

By Stephanie N. Rotondo

Phoenix, Feb. 26 - Pitney Bowes Inc. has launched an offering of $25-par notes due March 2043, according to a prospectus filed with the Securities and Exchange Commission on Tuesday.

Price talk is around 6.75%, a trader said.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.

Interest will be payable in March, June, September and December. The notes can be redeemed after March 2018 at par plus accrued interest.

Additionally, the company can choose to call the notes before March 2018 at par plus accrued interest plus a make-whole premium.

And, in the event of a change of control, the company will be required to offer holders cash for their notes equal to 101% of par, plus accrued interest.

The issue will be listed on the New York Stock Exchange.

Proceeds will be used to purchase a portion of outstanding debt and to pay related costs and expenses. Any remaining funds will be used for general corporate purposes.

Pitney Bowes is a Stamford, Conn.-based provider of postage equipment and services.

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