STAMFORD, Conn.--(BUSINESS WIRE)--
Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), a technology-driven company that provides SaaS shipping solutions, mailing innovation, and financial services to clients around the world, today announced that it has repaid $100 million of the $275 million in senior secured notes (“2028 Notes”) issued by Oaktree Capital Management, L.P. (“Oaktree”), the balance of which was $272 million as of September 30, 2024. The partial payment of the 2028 Notes is part of the Company’s previously announced strategic initiative to deleverage its balance sheet. The repayment was funded by cash on hand.
Lance Rosenzweig, Pitney Bowes’ Chief Executive Officer, commented: “Our accelerated progress on our strategic initiatives of exiting GEC, reducing costs and optimizing our cash position is enabling us to take concrete steps to deleverage our balance sheet. The partial payment of our Oaktree 2028 Notes is the first step towards reducing interest payments and freeing up capital for other value-enhancing initiatives. We will have an update in the near-term on our plans to retire the remainder of the Oaktree 2028 Notes and continue to look for additional ways to deleverage as we build a more efficient and profitable organization.”
About Pitney Bowes
Pitney Bowes (NYSE: PBI) is a technology-driven company that provides SaaS shipping solutions, mailing innovation, and financial services to clients around the world – including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels. For the latest news, corporate announcements, and financial results, visit . For additional information, visit Pitney Bowes at .
Forward-Looking Statements
This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about the Company’s expectations related to the DRF bankruptcy proceedings, future revenue and earnings guidance, future events or conditions, and expected cost savings, elimination of future losses, and anticipated deleveraging in connection with Pitney Bowes’ announced strategic initiatives. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors which could cause future financial performance to differ materially from expectations include, without limitation, declining physical mail volumes; changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; the potential adverse effects and risks and uncertainties associated with the GEC exit and wind-down on the Company’s operations, management and employees, and the ability to successfully implement the Company’s 2024 worldwide cost reduction and optimization initiatives and realize the expected benefits therefrom, the loss of some of Pitney Bowes’ larger clients in the Presort Services segments; the loss of, or significant changes to, United States Postal Service (USPS) commercial programs, or the Company’s contractual relationships with the USPS or their performance under those contracts; and other factors as more fully outlined in the Company's 2023 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission during 2024. Pitney Bowes 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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