8-K
filed February 12, 2025, 6:59 PM ET
ticker PBI
CIK 0000078814
other material
confidence high
sentiment positive
materiality 0.75
PITNEY BOWES INC /DE/ (PBI): debt financing — Pitney Bowes enters $1.04B credit facilities, appoints new CFO, authorizes $150M buyback
PITNEY BOWES INC /DE/
- New $265M revolver, $160M term A (March 2028), $615M term B (March 2032); replaces prior credit agreement.
- Financial covenants: interest coverage ≥2.00x; total net leverage starts at 5.25x, steps down to 4.75x by March 2026.
- Bob Gold named permanent CFO effective March 10, 2025; base salary $600K, annual target 80%, LTI target $950K.
- Former interim CFO John Witek to receive severance totaling ~$706K, remains as advisor through March 31, 2025.
- Board authorized new $150M share repurchase program, replacing prior 2019 program; funded from cash on hand.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
PITNEY BOWES INC /DE/ incurred revolving credit of $265 million with Bank of America, N.A. at Term SOFR or Base Rate plus applicable margin maturing maturing in March 2028.
- Instrument
- revolving credit
- Principal
- $265 million
- Counterparty
- Bank of America, N.A.
- Rate
- Term SOFR or Base Rate plus applicable margin
- Maturity
- maturing in March 2028
- Event
- incurrence
Exact text from the filing
which provides for (i) a $265 million revolving credit facility (inclusive of a $100 million sublimit for letters of credit) maturing in March 2028
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
PITNEY BOWES INC /DE/ incurred term loan of $160 million with Bank of America, N.A. at Term SOFR or Base Rate plus applicable margin maturing maturing in March 2028.
- Instrument
- term loan
- Principal
- $160 million
- Counterparty
- Bank of America, N.A.
- Rate
- Term SOFR or Base Rate plus applicable margin
- Maturity
- maturing in March 2028
- Event
- incurrence
Exact text from the filing
☐ ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEGMENT On February 7, 2025 (the “Closing Date”), Pitney Bowes Inc., a Delaware corporation (the “Company”), Bank of America, N.A., as administrative agent (the “Administrative Agent”), and the other lenders and issuing banks party thereto, entered into that certain senior secured credit agreement (the “Credit Agreement”), which provides for (i) a $265 million revolving credit facility (inclusive of a $100 million sublimit for letters of credit) maturing in March 2028 (the “Revolving Credit Facility”), (ii) a $160 million term loan facility maturing in March 2028 (the “Term A Facility”) and (iii) a $615 million term loan facility maturing in March 2032 (the “Term B Facility”, and together with the Revolving Credit Facility and the Term A Facility, the “Credit Facilities”).
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
PITNEY BOWES INC /DE/ incurred term loan of $615 million with Bank of America, N.A. at Term SOFR loans under the Term B Facility is 3.75% per annum maturing maturing in March 2032.
- Instrument
- term loan
- Principal
- $615 million
- Counterparty
- Bank of America, N.A.
- Rate
- Term SOFR loans under the Term B Facility is 3.75% per annum
- Maturity
- maturing in March 2032
- Event
- incurrence
Exact text from the filing
☐ ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEGMENT On February 7, 2025 (the “Closing Date”), Pitney Bowes Inc., a Delaware corporation (the “Company”), Bank of America, N.A., as administrative agent (the “Administrative Agent”), and the other lenders and issuing banks party thereto, entered into that certain senior secured credit agreement (the “Credit Agreement”), which provides for (i) a $265 million revolving credit facility (inclusive of a $100 million sublimit for letters of credit) maturing in March 2028 (the “Revolving Credit Facility”), (ii) a $160 million term loan facility maturing in March 2028 (the “Term A Facility”) and (iii) a $615 million term loan facility maturing in March 2032 (the “Term B Facility”, and together with the Revolving Credit Facility and the Term A Facility, the “Credit Facilities”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
John Witek resigned as Interim Chief Financial Officer at PITNEY BOWES INC /DE/.
- Action
- resigned
- Role
- Interim Chief Financial Officer
Exact text from the filing
John Witek will resign from his position as Interim Chief Financial Officer of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Bob Gold was appointed as Executive Vice President and Chief Financial Officer at PITNEY BOWES INC /DE/.
- Action
- appointed
- Role
- Executive Vice President and Chief Financial Officer
Exact text from the filing
the Board of Directors of the Company (the “Board”) has appointed Bob Gold as the Company’s Executive Vice President and Chief Financial Officer, effective as of March 10, 2025.
View on SEC.gov
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