Pitney Bowes Calls for Redemption of All of Its Outstanding 4% Convertible Cumulative Preferred Stock & $2.12 Convertible Pre...
April 22 2019 - 8:00AM
Business Wire
Pitney Bowes Inc. (NYSE:PBI), a global technology company that
provides commerce solutions in the areas of ecommerce, shipping,
mailing, finance, and data, today called for redemption of all of
its outstanding shares of 4% Convertible Cumulative Preferred Stock
and $2.12 Convertible Preference Stock.
The 4% Convertible Cumulative Preferred Stock and $2.12
Convertible Preference Stock will be redeemed on June 18, 2019. The
redemption price for the 4% Convertible Cumulative Preferred Stock
will be $50 per share, plus the portion of the quarterly dividend
accrued as of June 18, 2019 and any unpaid dividends. The
redemption price for the $2.12 Convertible Preference Stock will be
$28 per share, plus the portion of the quarterly dividend accrued
as of June 18, 2019 and any unpaid dividends.
Holders of the 4% Convertible Cumulative Preferred Stock have
the right to convert each share of 4% Convertible Cumulative
Preferred Stock into 24.24 shares of PBI common stock in lieu of
the redemption prior to 5:00 PM Eastern Time on June 18, 2019.
Holders of the $2.12 Convertible Preference Stock have the right to
convert each share of $2.12 Convertible Preference Stock into 16.53
shares of PBI common stock in lieu of the redemption prior to 5:00
PM Eastern Time on June 17, 2019.
A notice of redemption containing additional information
regarding the redemption and the conversion rights will be
delivered to all holders of the 4% Percent Convertible Cumulative
Preferred Stock and $2.12 Convertible Preference Stock.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing
commerce solutions that power billions of transactions. Clients
around the world, including 90 percent of the Fortune 500, rely on
the accuracy and precision delivered by Pitney Bowes solutions,
analytics, and APIs in the areas of ecommerce fulfillment, shipping
and returns; cross-border ecommerce; office mailing and
shipping; presort services; location data; customer
information and engagement software; services; and financing. For
nearly 100 years Pitney Bowes has been innovating and delivering
technologies that remove the complexity of getting commerce
transactions precisely right. For additional information visit
Pitney Bowes, the Craftsmen of Commerce, at
www.pitneybowes.com.
Forward Looking Statements
This press release contains “forward-looking statements” about
the Company’s intention to redeem the Notes. These forward-looking
statements are subject to a number of risks and uncertainties, many
of which are beyond the Company's control, which could cause the
Company's actual results to differ materially from those included
in the Company's forward-looking statements. Please see the
Company's risk factors, as they may be amended from time to time,
set forth in its filings with the Securities and Exchange
Commission, including the Company's most recently filed Annual
Report on Form 10-K. The Company assumes no obligation to update
any forward-looking statements contained in this document as a
result of new information, events or developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20190422005102/en/
Bill Hughes – Media
Relations203-351-6785William.Hughes@pb.com
Adam David – Investor Relations203-351-7175Adam.david@pb.com
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