---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-22-044840"
form_type: "8-K"
ticker: "PBI"
cik: "0000078814"
company_name: "PITNEY BOWES INC /DE/"
filed_at: "2022-12-08T23:59:59+00:00"
generated_at: "2026-06-21T07:51:00.751382+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-22-044840
- form_type: 8-K
- ticker: PBI
- cik: 0000078814
- company_name: PITNEY BOWES INC /DE/
- filed_at: 2022-12-08T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/78814/000114036122044840/0001140361-22-044840-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/78814/000114036122044840/brhc10045190_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-22-044840
- JSON: https://secwatch.observer/filing/0001140361-22-044840.json
- Plain text: https://secwatch.observer/filing/0001140361-22-044840.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/78814/000114036122044840/0001140361-22-044840-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.