secwatch.observer — SEC 8-K summary
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Issuer:     PITNEY BOWES INC /DE/ (PBI)
CIK:        0000078814
Form:       8-K
Filed at:   2022-12-08T23:59:59+00:00
Accession:  0001140361-22-044840
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/78814/000114036122044840/0001140361-22-044840-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/78814/000114036122044840/brhc10045190_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-22-044840

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