Pitney Bowes to price $300 million five-year notes

By Devika Patel

Knoxville, Tenn., May 3 – Pitney Bowes Inc. intends to offer notes (Baa3) due 2022, according to a 424B5 filing with the Securities and Exchange Commission.

Moody’s Investors Service reported that the size of the offering is expected to be $300 million.

The notes feature a make-whole call until one month prior to maturity and then a par call.

The interest rate on the securities is also subject to change upon a downgrade of the company’s ratings by either Moody’s or S&P Global Ratings.

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

Proceeds will be used with cash on hand to repay the company’s $150 million term loan due June 2017 and repay the company’s $385 million of 5.75% notes due September 2017.

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

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