Pitney Bowes Completes Asset Acquisition/Disposition

TL;DR

PBX just closed a deal on assets, details TBD.

AI Summary

On August 8, 2024, Pitney Bowes Inc. reported the completion of an acquisition or disposition of assets. The filing does not specify the nature of the transaction, the counterparty, or any associated financial figures.

Why It Matters

This filing indicates a significant corporate action by Pitney Bowes, potentially impacting its business structure and future financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details regarding the acquisition or disposition creates uncertainty about its financial and operational implications.

Key Players & Entities

• Pitney Bowes Inc. (company) — Registrant
• August 8, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• Stamford, Connecticut (location) — Business address

FAQ

Key Financial Figures

• $1 — ange on Which Registered Common Stock, $1 par value per share PBI New York Stock
• $47 million — an aggregate principal amount of up to $47 million. ITEM 9.01 FINANCIAL STATEMENTS AND E

Filing Documents

• pbi-20240808.htm (8-K) — 29KB
• ex991unauditedproformafina.htm (EX-99.1) — 342KB
• 0000078814-24-000055.txt ( ) — 551KB
• pbi-20240808.xsd (EX-101.SCH) — 3KB
• pbi-20240808_def.xml (EX-101.DEF) — 15KB
• pbi-20240808_lab.xml (EX-101.LAB) — 27KB
• pbi-20240808_pre.xml (EX-101.PRE) — 16KB
• pbi-20240808_htm.xml (XML) — 4KB

01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS

ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS. On August 8, 2024, Pitney Bowes Inc. ("we" or the "Company") entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the Company's Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC ("Hilco") subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the "Ecommerce Debtors") for de minimis consideration (the "GEC Sale"), with a subsidiary of the Company retaining 19% of the voting interests and 100% of the economic interests. Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind-down of the Ecommerce Debtors (the "GEC Chapter 11 Cases"). The GEC Sale, the GEC Chapter 11 Cases and any associated transactions are referred herein as the "Ecommerce Restructuring". The financial results of the Ecommerce Debtors, which represent a majority of the results of the Global Ecommerce segment, will no longer be included in our consolidated financial statements and will be reported as discontinued operations. In connection with the contemplated GEC Chapter 11 Cases, we entered into a Restructuring Support Agreement (the "RSA") with the Ecommerce Debtors. The RSA provides, among other things, an orderly wind-down of the Ecommerce Debtors, shared services between the Company and the Ecommerce Debtors for a period of time, a global settlement between the Company and the Ecommerce Debtors and a senior secured, super-priority debtor-in-possession term loan (the "DIP Facility") in an aggregate principal amount of up to $47 million.

01 FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (b) Pro forma financial information. The Company's unaudited pro forma consolidated financial information giving effect to the Ecommerce Restructuring and sale of the fulfillment services business is attached hereto as Exhibit 99.1 and incorporated herein by reference. (d) Exhibits EXHIBIT INDEX Exhibit No. Exhibit Description 99.1 Unaudited pro forma consolidated financial information of Pitney Bowes Inc. 104 The cover page of Pitney Bowes Inc.'s Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Pitney Bowes Inc. By: /s/ John A. Witek Name: John A. Witek Date: August 14, 2024 Title: Interim Chief Financial Officer (Principal Financial Officer)

View Full Filing

View this 8-K filing on SEC EDGAR