Pitney Bowes to price senior notes to fund preferred stock redemption

By Cristal Cody

Eureka Springs, Ark., Sept. 12 – Pitney Bowes Inc. plans to price an offering of senior notes with an intermediate maturity to help fund the redemption of all 300,000 outstanding shares of its perpetual voting preferred stock, according to an 8-K filing with the Securities and Exchange Commission on Monday.

The company’s subsidiary, Pitney Bowes International Holdings, Inc., is redeeming the preferred shares valued at $300 million.

The annual 6.125% rate on the preferred shares is scheduled to reset to 9.1875% on Oct. 30, when the shares also become redeemable at the company’s option.

Pitney Bowes is a Stamford, Conn.-based provider of services, including eCommerce shipping and mailing.

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