Business: Pitney Bowes, Inc., 6.70% Notes due 2043, issued in $25 denominations, redeemable at the issuer's option on or after 3/7/2018 at $25 per note plus accrued and unpaid interest, and maturing 3/7/2043. <p> Interest distributions of 6.70% per annum ($1.675 per annum or $0.41875 per quarter) will be paid quarterly on 3/7, 6/7, 9/7 & 12/7 to holders of record on the record date that will be 15 days immediately preceding an interest payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> The notes may be redeemed at the issuer's option at any time before 3/7/2018 at $25 per share, plus accrued and unpaid interest, plus a Make-Whole Amount. If a change of control event occurs, unless the issuer has exercised the option to redeem the notes, the issuer will be required to make an offer to each holder of notes to repurchase all or any part of that holder’s notes for cash equal to 101% of the principal amount of notes, plus accrued and unpaid interest (see the prospectus for further information). <p> Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. <p> This security was rated as Baa2 by Moody’s and BBB by S&P at the date of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.