Pitney Bowes Inc. (NYSE:PBI) today announced notice of its election to
redeem its remaining August 2014 bonds valued at approximately $300
million. The bonds will be repurchased with proceeds from the sale of
its Management Services business to funds affiliated with Apollo Global
Management, LLC, which was completed October 1, 2013. This action is
consistent with the company’s commitment to a balanced and disciplined
capital allocation strategy focused on maintaining a strong balance
sheet and investment grade debt ratios.
About Pitney Bowes
Pitney Bowes provides technology solutions for small,
mid-size and large firms that help them connect with customers to build
loyalty and grow revenue. Many of the company’s solutions are delivered
on open platforms to best organize, analyze and apply both public and
proprietary data to two-way customer communications. Pitney Bowes
includes direct mail, transactional mail and call center communications
in its solution mix along with digital channel messaging for the Web,
email and mobile applications. Pitney Bowes: Every connection is a new
opportunity™. www.pb.com.
Copyright Business Wire 2013