BUZZ-Pitney Bowes dips on planned $200 mln convertible bond offering
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Pitney Bowesshares fell 2.5% to $10.90 after the company announced a $200 million private offering of 5-year convertible bonds. The funds will be used for general purposes, strategic investments, debt repayment, and stock repurchases. The company's market cap is approximately $1.9 billion, and shares closed down 3% at $11.18, reducing the year-to-date gain to about 54%. Recently, Kurt Wolf was appointed as CEO to lead a strategic review through 2025.
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