Pitney Bowes greenshoe exercised, lifts 6.7% notes to $425 million

By Tali David

Minneapolis, March 7 -Underwriters for Pitney Bowes Inc.'s 6.7% $25-par notes due 2043 fully exercised their $50 million over-allotment option, increasing the issue to $425 million, according to an 8-K filed with the Securities and Exchange Commission.

The company priced the notes on Feb. 26.

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

Proceeds will be used to purchase a portion of the company's 4.875% notes due 2014, 5% notes due 2015 and 4.75% notes due 2016 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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