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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
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FORM 8-K
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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
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Commission file number 0-13497
PITNEY BOWES CREDIT CORPORATION
Incorporated pursuant to the Laws of the State of Delaware
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Internal Revenue Service -- Employer Identification No. 06-0946476
27 Waterview Drive, Shelton, CT 06484-4361
(203) 922-4000
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Item 2 -- Acquisition or Disposition of Assets
On October 30, 1998, the Company's wholly owned subsidiary, Colonial Pacific
Leasing Corporation ("CPLC"), transferred the operations, employees and
substantially all assets related to its broker-oriented external financing
business to General Electric Capital Corporation ("GECC"). The Company received
approximately $790 million at closing, which approximates the book value of net
assets sold or otherwise disposed of, together with related transaction costs.
The transaction is subject to post-closing adjustments pursuant to the terms of
the purchase agreement with GECC executed on October 12, 1998. Proceeds from the
sale will be used in general operations and to pay down debt.
Item 7 -- Financial Statements and Exhibits
b. Pro forma financial information
Pro forma financial information was provided under separate cover on Form
8-K filed on November 16, 1998.
c. The following exhibits are furnished in accordance with Item 601 of
Regulation S-K:
Exhibit
(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,
which will be furnished upon request) See Exhibit (i)
(2.2) Amendment to Stock Purchase Agreement See Exhibit (ii)
SIGNATURES
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 CREDIT CORPORATION
By /s/ NANCY E. COOPER
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Nancy E. Cooper
Vice President, Finance and
Chief Financial Officer
(Principal Financial and Accounting Officer)
Dated: November 18, 1998