Pitney Bowes raises $230M via 1.50% convertible notes due 2030, repurchases $61.9M of stock

PITNEY BOWES INC /DE/

Issued $230M aggregate principal of 1.50% Convertible Senior Notes due 2030; net proceeds ~$221.4M after discounts and expenses.
Used $24.7M of proceeds to enter into capped call transactions to reduce potential dilution, with initial cap price of $22.36 per share.
Used $61.9M to repurchase 5,535,928 shares of common stock at $11.18/share in concurrent privately negotiated transactions.
Notes have initial conversion price of ~$14.25 per share; interest payable semi-annually at 1.50%.
Remaining net proceeds will be used for general corporate purposes, debt refinancing, or strategic investments.

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