New Issue: Pitney Bowes sells upsized $500 million 4.625% 10-year notes at 205 bps spread

By Aleesia Forni

Virginia Beach, March 4 - Pitney Bowes Inc. priced an upsized $500 million issue of 4.625% 10-year senior notes (Baa2/BBB/) on Tuesday at 205 basis points over Treasuries, according to an informed source and an FWP filed with the Securities and Exchange Commission.

The notes priced at 99.155 to yield 4.732%.

Goldman Sachs & Co., J.P. Morgan Securities LLC, RBS Securities Inc. and HSBC Securities (USA) Inc. were the joint bookrunners.

Proceeds will be used to purchase a portion of the company's outstanding debt securities and to pay related costs and expenses. Any remaining proceeds will be used for general corporate purposes.

The issuer is a Stamford, Conn.-based office supply manufacturer.

Issuer:	Pitney Bowes Inc.
Amount:	$500 million, upsized from $350 million
Description:	Senior notes
Maturity:	March 15, 2024
Bookrunners:	Goldman Sachs & Co., J.P. Morgan Securities LLC, RBS Securities Inc., HSBC Securities (USA) Inc.
Co-managers:	BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., Mitsubishi UFJ Securities (USA), Inc., Santander Investment Security Inc., the Governor and Co. of the Bank of Ireland, U.S. Bancorp Investments, Inc.
Coupon:	4.625%
Price:	99.155
Yield:	4.732%
Spread:	Treasuries plus 205 bps
Trade date:	March 4
Settlement date:	March 13
Ratings:	Moody's: Baa2
	Standard & Poor's: BBB
Price guidance:	Treasuries plus 225 bps to 237.5 bps
Make-whole call:	Treasuries plus 30 bps
Distribution:	SEC registered

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