Pitney Bowes amends credit agreement to ease financial covenants; interest margins fixed at highest grid level

PITNEY BOWES INC /DE/

Interest coverage ratio lowered to 1.75x until Jan 2025, then 2.00x; leverage ratio raised to 4.25x as of June 30, 2023.
Interest margins on term loan A and revolver fixed at highest pricing-grid level until Q4 2024 delivery of financials.
Quarterly amortization of term loan A increased by $3M per quarter from June 30, 2023 through Dec 31, 2024.
EBITDA addback flexibility for restructuring and non-recurring charges increased through March 31, 2024.
Certain negative covenant baskets for debt, investments, dividends and share repurchases reduced or removed.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

PITNEY BOWES INC /DE/ amended Fifth Amendment to the Credit Agreement, dated as of November 1, 2019 with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and issuing banks party thereto (effective 2023-06-06).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and issuing banks party thereto
Effective: 2023-06-06

Exact text from the filing

On June 6, 2023, Pitney Bowes Inc. (the “Company”) entered into a Fifth 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 0001140361-23-028546

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