---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-028546"
form_type: "8-K"
ticker: "PBI"
cik: "0000078814"
company_name: "PITNEY BOWES INC /DE/"
filed_at: "2023-06-06T23:59:59+00:00"
generated_at: "2026-06-14T07:01:39.932646+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-23-028546
- form_type: 8-K
- ticker: PBI
- cik: 0000078814
- company_name: PITNEY BOWES INC /DE/
- filed_at: 2023-06-06T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/78814/000114036123028546/0001140361-23-028546-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/78814/000114036123028546/brhc20054090_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-028546
- JSON: https://secwatch.observer/filing/0001140361-23-028546.json
- Plain text: https://secwatch.observer/filing/0001140361-23-028546.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/78814/000114036123028546/0001140361-23-028546-index.htm

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