Pitney Bowes reprices $585M Term Loan B to SOFR+300, cut of 75 bps and ~$4M annual interest

PITNEY BOWES INC /DE/

Fifth Amendment to Credit Agreement cuts Term Loan B margin to SOFR+300 bps from 375 bps and Base Rate loans to 2.00%; $585.5M outstanding, March 2032 maturity unchanged.
Repricing expected to lower annual interest expense by ~$4M; combined with recent tenders, annualized interest expense down ~$13M.
Company retired >$46M of 6.70% Notes due 2043 and 5.250% Medium-Term Notes due 2037 at a discount to par; total >$126M debt retired via two tenders at ~86 cents.
S&P upgraded Pitney Bowes issuer credit rating to 'BB-' from 'B+'; CEO Kurt Wolf cites flexibility to repurchase shares and invest in business.
CFO Paul Evans: past year included upsized/extended revolver and Term Loan A, full repayment of 2027 Notes, ~$18M value captured for shareholders.

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