Pitney Bowes down after $200 mln convertible bond sale

** Pitney Bowes' PBI.N shares down 2% at $10.96 on light premarket volume after shipping and mailing firm secured capital raise

** Stamford, Connecticut-based PBI late Tues announced pricing $200 mln 1.5% 5-yr convertible bond offering

** Initial conversion price set at $14.25, which is 27.5% above stock's last close

** It expects to use net proceeds for general purposes and "strategic investments that align with the Company’s capital strategy", including business reinvestments, debt repayment or refinancing, and other initiatives designed to reduce leverage, co said in a statement

** It also intends to use about $21.5 mln of proceeds to pay cost of capped calls, derivative transactions to offset dilution, and about $61.9 mln to repurchase its stock in connection with the offering

** Co has ~$1.9 bln market cap, per LSEG data

** PBI shares on Tues closed down 3% at $11.18, trimming YTD gain to ~54%

** In May, PBI named Kurt Wolf, head of activist investor Hestia Capital Management, as new CEO, saying Wolf to help conduct strategic review for the co for the rest of 2025