Pitney Bowes Inc. is offering to buy back as much as $415 million of outstanding debt, which the Stamford mail-handling equipment and data-services vendor says it intends to replace with cheaper funding.
Pitney Bowes is calling portions of three debt issues: 4.875 percent notes due 2014, with a $200 million offer cap; 5 percent notes due 2015, capped at $140 million; and 4.75 percent notes due 2016, capped at $75 million.
Pitney Bowes says those caps are higher than what it originally offered.
Concurrently, the company says it will sell new debt totaling as much as $375 million, net proceeds of which, combined with what’s in Pitney’s wallet, will be used to buy back the existing debt.
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The debt buyback offer expires at midnight on March 25.
