Pitney Bowes Inc. (NYSE:PBI) (the “Company,” “us” or “Pitney Bowes”) today announced it has commenced cash tender offers (the “Offers”) for its 4.875% Medium-Term Notes due 2014 (the “2014 Notes”), 5.000% Notes due 2015 (the “2015 Notes”) and 4.750% Medium-Term Notes due 2016 (the “2016 Notes” and, together with the 2014 Notes and the 2015 Notes, the “Notes”).
Concurrently with the Offers, the Company intends to offer and sell new debt securities of the Company through an underwritten public offering (the “Notes Offering”). The net proceeds of the Notes Offering, in addition to cash on hand, will be used to finance the purchase of the Notes validly tendered (and not validly withdrawn) and accepted for purchase pursuant to the Offers, and to pay all fees and expenses in connection therewith.
The Offers are being made pursuant to an Offer to Purchase, dated February 26, 2013 (the “Offer to Purchase”) and related Letter of Transmittal, dated February 26, 2013 (the “Letter of Transmittal”), which set forth a description of terms of the Offers. A summary of the Offers is outlined below:
|Title of Security/ CUSIP No.||Outstanding Principal Amount||Maximum Series Tender Cap||Reference U.S. Treasury Security||Bloomberg Reference Page (1)||Fixed Spread (Basis Points)||Early Tender Premium (2)|
|4.875% Medium-Term Notes due 2014 (CUSIP No. 72447WAU3)||$450,000,000||$160,000,000||0.250% due January 31, 2015||BBT1||50||$30|
|5.000% Notes due 2015 (CUSIP No. 724479AG5)||$400,000,000||$100,000,000||0.250% due January 31, 2015||BBT1||150||$30|
|4.750% Medium-Term Notes due 2016 (CUSIP No. 72447XAA5)||$500,000,000||$50,000,000||0.375% due February 15, 2016||BBT1||200||$30|
(1) The applicable page on Bloomberg from which the Joint Dealer Managers will quote the bid side prices of the applicable Reference U.S. Treasury Security.
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