Pitney Bowes Inc. announced on November 19, 2024, that it has repaid $100 million of the senior secured notes issued to Oaktree Capital Management, L.P. The balance of these 2028 Notes stood at $272 million as of September 30, 2024.
This partial payment is a significant step in the company's previously announced strategic initiative to deleverage its balance sheet. The reduction of high-cost debt is expected to decrease interest payments and free up capital for other value-enhancing initiatives.
The deleveraging efforts are a core part of Pitney Bowes' transformation, aiming to improve its financial strength and credibility. This progress enhances the company's flexibility in capital allocation as it continues to evaluate strategic actions.
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