Pitney Bowes expects about $4M annual interest savings
The revised SOFR margin is 300 basis points, and Pitney Bowes expects approximately $4 million in annual interest-expense savings based on current principal.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Pitney Bowes Inc. (PBI) amended its credit agreement on September 29, 2026, lowering the applicable interest margin on its Term Loan B. The Term SOFR margin fell by 75 basis points, from 375 basis points to 300 basis points, and the Base Rate margin is 2.00%. Pitney Bowes reported $585.5 million of tranche B term loans outstanding as of September 29, 2026.
Based on the current outstanding principal balance, the repricing is expected to reduce annual interest expense by approximately $4 million. The transaction closed on September 29, 2026; the loan's March 2032 maturity and other facility terms remained unchanged.
Pitney Bowes said recently completed tender offers retired more than $46 million of debt at a discount to par, and S&P Global Ratings upgraded its issuer credit rating to 'BB-' from 'B+'. Separately, the company said its debt actions over the past year, together with this repricing, reduce annualized interest expense by approximately $13 million.
Positive
- Minor point. Forward-looking: it has not happened yet and may not happen.The repricing is expected to reduce annual interest expense by approximately $4 million.
- Minor pointS&P Global Ratings upgraded Pitney Bowes' issuer credit rating to BB- from B+.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
Key Figures
Key Terms
Term SOFR financial
Base Rate financial
applicable interest rate margin financial
tender offer financial
issuer credit rating financial
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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
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices)
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class |
Trading |
Name of Each Exchange on Which Registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.01 | Entry into a Material Definitive Agreement. |
On September 29, 2026 (the “Amendment Date”), Pitney Bowes Inc. (the “Company”) and certain of its subsidiaries 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 other Loan Parties party thereto, the Lenders party thereto and Bank of America, N.A., as administrative agent.
The Amendment, among other changes, reduces the applicable interest rate margin on the Company’s tranche B term loans to 3.00%, in the case of Term SOFR loans, and 2.00%, in the case of Base Rate loans. The total tranche B term loans outstanding under the Credit Agreement as of the Amendment Date of $585.5 million and the maturity and other terms of the tranche B term loans remained unchanged.
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 September 30, 2026, the Company issued a press release announcing, among other things, the Company’s entry into the Amendment. 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 | Fifth Amendment to Credit Agreement, dated as of September 29, 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 September 30, 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: September 30, 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 Repricing of $585 Million
Term Loan B, Reducing Interest Margin by 75 Basis Points
Repricing to SOFR + 300 Basis Points Lowers Annual Interest Expense by Approximately $4 Million, With No Changes to Other Terms or March 2032 Maturity Date
Follows S&P Global Ratings Upgrade to ‘BB-’ and Reflects the Company’s Enhanced Credit Profile
Marks the Latest in a Series of Decisive Actions to Strengthen the Company’s Balance Sheet, Reduce Leverage and Increase Financial Flexibility
SHELTON, Conn.—(BUSINESS WIRE)—September 30, 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 globally, today announced that it has repriced its $585 million Term Loan B due March 2032, reducing the applicable interest rate margin by 75 basis points.
The repricing lowers the applicable margin over the Secured Overnight Financing Rate (“SOFR”) from 375 basis points to 300 basis points. The transaction closed on September 29, 2026, with no other changes to the facility’s existing terms or maturity date. Based on the current outstanding principal balance, the repricing is expected to reduce annual interest expense by approximately $4 million.
The repricing builds on the Company’s recently completed tender offer for its 6.70% Notes due 2043 and 5.250% Medium-Term Notes due 2037, which retired more than $46 million of debt at a discount to par. It also follows S&P Global Ratings’ (“S&P”) upgrade of Pitney Bowes’ issuer credit rating to ‘BB-’ from ‘B+’.
Paul Evans, Executive Vice President, Chief Financial Officer and Treasurer, commented:
“Over the past year, we have upsized and extended both our revolving credit facility and Term Loan A, fully repaid our 2027 Notes, and retired over $126 million of debt through two tender offers at approximately 86 cents on the dollar, capturing roughly $18 million of value for shareholders. Together with today’s repricing, these actions reduce our annualized interest expense by approximately $13 million and continue to bring down leverage to levels that lower our borrowing costs under our bank facilities.”
Kurt Wolf, Chief Executive Officer and Director, added:
“This repricing, as well as S&P’s upgrade, reflects the market’s recognition of our improved credit profile and is the latest in a series of proactive steps to strengthen our balance sheet and reduce our cost of capital. Having delivered on our commitments to our debt holders, we now have greater flexibility to opportunistically repurchase shares and make additional investments in our business. I want to thank Paul and our Finance team for their outstanding execution. A 75-basis point reduction – one of the largest repricings in the market in the last several months – reflects both their work and lenders’ confidence in Pitney Bowes.”
Additional details regarding the repriced facility 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 future revenue and profitability, earnings guidance, future events or conditions, capital allocation strategy, expected cost savings and efficiency improvements, and strategic initiatives and priorities. 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 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 declines in physical mail volumes or shipping volumes; the loss of some of our larger clients; changes in trade policies, tariffs and regulations; 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 prolonged U.S. government shutdown, to the Company and our clients; changes in labor and transportation availability and costs; and other factors as more fully outlined in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2025 and subsequent reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events, or developments, except as required by law.
Contacts:
For Investors:
Alex Brown
investorrelations@pb.com