Pitney Bowes (NYSE: PBI) retires $347M notes and adds $150M Term Loan A
Rhea-AI Filing Summary
Pitney Bowes Inc. has redeemed all of its $347 million 6.875% Senior Notes due March 2027 and refinanced part of this obligation by upsizing its existing Term Loan A credit facility. The company added $150 million of new tranche A term loans, bringing total Term Loan A borrowings to $302 million. These incremental loans carry the same pricing and terms as the existing facility, with a maturity date of May 18, 2031. Following the redemption, Pitney Bowes’ next scheduled debt maturity is in March 2029, extending its near‑term debt runway while management highlights expected benefits from reduced leverage, lower interest expense and broader lender participation.
Positive
- Nearest-term debt maturity eliminated: Redeeming the $347 million 6.875% Senior Notes due March 2027 removes the closest bond maturity, with the next scheduled maturity now in March 2029.
- Extended debt profile with stable terms: Upsizing Term Loan A by $150 million to $302 million keeps existing pricing and a May 18, 2031 maturity, which management associates with reduced leverage and lower interest expense.
Negative
- None.
Insights
Pitney Bowes refinances 2027 notes, extends maturities and highlights lower interest costs.
Pitney Bowes redeemed $347 million of 6.875% Senior Notes due 2027 using a mix of a new $150 million Term Loan A tranche and existing cash and liquidity. This shifts a sizable debt maturity from March 2027 to the Term Loan A’s May 2031 maturity.
Management states that the transaction eliminates the nearest‑term maturity, reduces leverage and should lower interest expense, while bringing in new lenders that it views as recognition of an improved credit profile. The next scheduled debt maturity is now in March 2029, giving the company more time to manage its balance sheet.
Future filings describing interest expense trends, leverage metrics and any additional refinancing steps will help clarify how much this transaction changes overall financing costs and balance‑sheet risk over the period through 2031.
8-K Event Classification
Key Figures
Key Terms
Incremental Term Loans financial
Term Loan A credit facility financial
Senior Notes financial
Credit Agreement financial
forward-looking statements regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On June 23, 2026 (the “Amendment Date”), Pitney Bowes Inc. (the “Company”), and certain other subsidiaries of the Company, entered into an amendment (the “Amendment”) to its Credit Agreement, dated as of February 7, 2025 (as amended prior to the date hereof and as further amended by the Amendment, the “Credit Agreement”), among the Company, the Loan Parties party thereto, the Lenders and Issuing Banks party thereto and Bank of America, N.A., as the administrative agent.
The Amendment provides for an additional $150 million of incremental tranche A term loans (the “Incremental Term Loans”), resulting in $302 million total aggregate borrowings of tranche A term loans as of the Amendment Date. The proceeds of the Incremental Term Loans were used, together with existing cash and other sources of liquidity, to redeem in full the Company’s $347 million aggregate principal amount of 6.875% Senior Notes due March 2027 (the “2027 Notes”) and to pay fees, costs and expenses related to the Amendment and the transactions contemplated by the Amendment. The Incremental Term Loans have the same maturity and terms as the existing tranche A term loans under the Company’s Credit Agreement.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated into this Item 1.01 by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 of this Current Report on Form 8-K regarding the Amendment is incorporated herein by reference.
| Item 7.01 | Regulation FD Disclosure |
On June 25, 2026, the Company issued a press release announcing the Company’s entry into the Amendment and the redemption of the 2027 Notes. A copy of the press release is furnished hereto as Exhibit 99.1 and incorporated into this Item 7.01 by reference.
The information in this Item 7.01 of Form 8-K, including the accompanying Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit Number |
Description | |
| 10.1 | Fourth Amendment, dated as of June 23, 2026, among the Company, the other Loan Parties party thereto, the Lenders party thereto and Bank of America, N.A., as administrative agent. | |
| 99.1 | Press release of Pitney Bowes Inc., dated June 25, 2026. | |
| 104 | The cover page of Pitney Bowes Inc.’s Current Report on Form 8-K, formatted in Inline XBRL. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Pitney Bowes Inc. | ||||||
| Date: June 25, 2026 | By: | /s/ Lauren Freeman-Bosworth | ||||
| Name: | Lauren Freeman-Bosworth | |||||
| Title: | Executive Vice President, General Counsel and Corporate Secretary | |||||
Exhibit 99.1
Pitney Bowes Announces Redemption of 2027 Senior Notes and Upsizing of Term Loan A
Redemption of $347 Million 6.875% Senior Notes Due 2027 Eliminates Nearest-Term Debt Maturity,
With the Company’s Next Scheduled Maturity Now in March 2029
Upsizing of Term Loan A by $150 Million, With No Changes to Terms or May 2031 Maturity Date
Involves New Lenders and Reflects the Company’s Improved Credit Profile
SHELTON, Conn.—(BUSINESS WIRE)—June 25, 2026—Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world, today announced that it has redeemed all of its $347 million in aggregate principal amount 6.875% Senior Notes due March 2027 (the “2027 Notes”). In addition, Pitney Bowes announced the upsizing of its existing Term Loan A credit facility by $150 million to a total outstanding balance of $302 million. The proceeds from the upsizing of the Term Loan A credit facility were used along with existing cash and liquidity to fund the redemption of the 2027 Notes on June 24, 2026.
Kurt Wolf, Chief Executive Officer and Director, commented:
“The redemption of our 2027 Notes creates additional momentum as we work to continually strengthen Pitney Bowes balance sheet and overall financial position. In addition to eliminating our nearest-term debt maturity and reducing leverage, the Company will benefit from lower interest expense and more flexibility to pursue our accretive capital allocation strategy. The fact that the Company’s next debt maturity is not until March 2029 also positions us to operate from an even stronger position in the near-term.
It is also notable that the upsizing of our Term Loan A credit facility involves new lenders beyond our historical relationship banks. We believe this reflects the market’s recognition of our improved credit profile, cash flow and earnings. We look forward to building on our sustained progress in the quarters to come.”
The upsizing of the Company’s Term Loan A credit facility closed on June 23, 2026, with no other changes to the existing terms, pricing, or maturity date of May 18, 2031, applicable to the Company’s outstanding Term Loan A borrowings.
Additional details regarding the amended facilities will be filed in a Form 8-K with the Securities and Exchange Commission.
About Pitney Bowes
Pitney Bowes (NYSE: PBI) is a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world – including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels. For the latest news, corporate announcements, and financial results, visit www.pitneybowes.com/us/newsroom. For additional information, visit Pitney Bowes at www.pitneybowes.com.
Forward-Looking Statements
This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance, including, but not limited to, statements about our expectations and intentions regarding the Company’s financial planning and deleveraging activities. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors which could cause future financial performance to differ materially from expectations include, without limitation, changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; accelerated or sudden decline in physical mail volumes; inability to compete effectively with our Sending Technology Solutions competitors; changes in trade policies, tariffs and regulations; the loss of some of Pitney Bowes’ larger clients in the Presort Services segment; global supply chain issues adversely impacting our third party suppliers’ ability to provide us products and services; periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a U.S. government shutdown, to the Company and our clients; changes in foreign currency exchange rates; changes in labor and transportation availability and costs; inability to successfully execute on our strategic initiatives; and other factors as more fully outlined in the Company’s 2025 Form 10-K/A Annual Report and other reports filed with the Securities and Exchange Commission during 2026. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events, or developments.
Contacts:
For Investors:
Alex Brown
investorrelations@pb.com