UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 30, 1998
PITNEY BOWES INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 1-3579
State of Incorporation IRS Employer Identification No.
Delaware 06-0495050
World Headquarters
Stamford, Connecticut 06926-0700
Telephone Number: (203) 356-5000
Pitney Bowes Inc. - Form 8-K
Page 2
Item 2 - Acquisition or Disposition of Assets.
On October 30, 1998, Colonial Pacific Leasing Corporation (CPLC), a wholly owned
subsidiary of the company, transferred the operations, employees and
substantially all assets related to its broker-oriented external financing
business to General Electric Capital Corporation (GECC), a subsidiary of the
General Electric Company. The company received approximately $790 million at
closing, which approximates the book value of net assets sold or otherwise
disposed of and related transaction costs. This transaction is subject to post
closing adjustments pursuant to the terms of the purchase agreement with GECC
entered into on October 12, 1998. Proceeds from the sale will be used to
reinvest in core businesses around the world, pay down consolidated debt and
repurchase shares of the company's stock.
Item 7 - Financial Statements and Exhibits.
b. Pro forma financial information.
The required pro forma financial information was previously filed under separate
cover on Form 8-K on November 16, 1998.
c. The following exhibits are furnished in accordance with the provisions of
Item 601 of Regulation S-K:
Exhibit Description
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(2.1) Pitney Bowes Credit Corporation, Colonial Pacific Leasing
Corporation, CPLC II Inc. and General Electric Capital
Corporation - Stock Purchase Agreement dated as of October
12, 1998 (Excluding Schedules, Annexes and Exhibits thereto
- will be furnished to the Commission upon request)
(2.2) Amendment to Stock Purchase Agreement
Pitney Bowes Inc. - Form 8-K
Page 3
Signatures
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PITNEY BOWES INC.
November 19, 1998
/s/ M. L. Reichenstein
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M. L. Reichenstein
Vice President and Chief Financial Officer
(Principal Financial Officer)
/s/ A. F. Henock
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A. F. Henock
Vice President - Controller
and Chief Tax Counsel
(Principal Accounting Officer)