Pricing is finalized tight to talk on the amend-and-extend and repricing of Pitney Bowes Inc.'s term loan B, which was also upsized by $50 million, to $450 million, in a shift from the concurrent bond deal, according to sources. Books close today at 3 p.m. on the J.P. Morgan-led loan transaction, and allocations are expected to follow thereafter.

Pricing on the seven-year TLB is finalized at L+400, from guidance of L+425-450 at launch, with a 0% Libor floor and an issue price of 99. At that pricing the yield to maturity is 4.43%. Lenders are offered six months of 101 soft call protection.

The company is in the bond market with a $750 million, two-part offering of senior unsecured notes via a Citi-led bookrunner group. Proceeds will be used to repay a portion of the existing $818 million TLB and to support a tender offer for up to $375 million of its 3.875% notes due 2022, 4.7% notes due 2023 and 4.625% notes due 2024.

First-lien facility ratings are BBB-/Ba1, with a 1 recovery rating from S&P Global Ratings. The new unsecured notes are rated BB/B1, with a recovery rating of 4. Corporate ratings are BB/Ba3, with stable and negative outlooks.

Pitney Bowes is a global technology company that provides commerce solutions in the areas of e-commerce, shipping, mailing, data and financial services.