Pitney Bowes amends credit agreement; raises leverage covenant, cuts dividend basket

PITNEY BOWES INC /DE/

Total adjusted leverage ratio covenant raised by 0.25 to 4.00x as of Dec 31, 2022, with modified step-downs.
Adjusted interest coverage ratio covenant lowered by 0.50 to 2.25x.
Interest margins on term loan and revolving facilities increased by 25 basis points.
Negative covenant basket for dividends and distributions reduced from $150M to $100M.
Company plans to amend credit agreement to transition from LIBOR to SOFR for USD borrowings.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PITNEY BOWES INC /DE/ amended Amendment with the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent (effective 2022-12-07).

Action: amendment
Agreement: credit facility
Counterparty: the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent
Effective: 2022-12-07

Exact text from the filing

On December 7, 2022, Pitney Bowes Inc. (the “Company”) entered into a Third Amendment (the “Amendment”) to the Credit Agreement, dated as of November 1, 2019 (as previously amended, the “Existing Credit Agreement”), by and among the Company, the subsidiaries of the Company party thereto, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent.

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Source: SEC EDGAR

accession 0001140361-22-044840

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