Pitney Bowes to redeem series F preferred stock on Nov. 1

New York, Sept. 26 – Pitney Bowes Inc. said its Pitney Bowes International Holdings, Inc. subsidiary will redeem all of its outstanding voting preferred stock, series F, on Nov. 1.

Holders will receive a price of $1,000 per share plus accumulated dividends for a total of $1,000.5104 per share, according to a news release.

The company previously said that it planned to redeem all $300 million of the preferreds and priced $600 million of new 3.375% five-year senior notes in order to finance the redemption.

The preferreds entitle their holders to cumulative dividends when, as and if declared by Pitney Bowes International’s board of directors out of legally available funds, at an annual rate of 6.125% through Oct. 29 and at an annual rate of 9.1875% from Oct. 30 through April 29, 2017, subject to further increases, the company said.

The preferreds become redeemable at Pitney Bowes International’s option on Oct. 30.

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

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