HP Inc. Announces Pricing of Senior Notes

PALO ALTO, Calif., June 10, 2020 (GLOBE NEWSWIRE) -- HP Inc. (NYSE: HPQ) today announced the pricing of its underwritten public offering of $3.0 billion aggregate principal amount of senior unsecured notes, consisting of $1,150,000,000 aggregate principal amount of its 2.200% notes due 2025 at a public offering price of 99.769% of the principal amount, $1,000,000,000 aggregate principal amount of its 3.000% notes due 2027 at a public offering price of 99.718% of the principal amount, and $850,000,000 aggregate principal amount of its 3.400% notes due 2030 at a public offering price of 99.790% of the principal amount (collectively, the “Notes”).

HP intends to use the net proceeds from this offering to fund the tender offers for its 3.750% Global Notes due December 1, 2020, of which approximately $649 million principal amount is outstanding; its 4.300% Global Notes due June 1, 2021, of which approximately $667 million principal amount is outstanding; its 4.375% Global Notes due September 15, 2021, of which approximately $538 million principal amount is outstanding; and its 4.650% Global Notes due December 9, 2021, of which approximately $695 million principal amount is outstanding (collectively, the “Tender Offers”).  HP also intends to use the net proceeds from this offering in excess of the amounts used to repurchase the notes pursuant to the Tender Offers for general corporate purposes, which may include, without limitation, repayment and refinancing of debt, working capital, capital expenditures, and share repurchases.

The issuance of the Notes is expected to close on June 17, 2020, subject to customary closing conditions.

BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.

The Notes are being offered pursuant to an effective shelf registration statement (including a prospectus) on Form S-3 previously filed with the Securities and Exchange Commission (SEC).  A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov.  Before you invest, you should read the prospectus in that registration statement (including the preliminary prospectus supplement for the offering to which this communication relates) and other documents HP has filed with the SEC for more complete information about HP and the offering.  You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov.  Alternatively, these documents may be obtained from BNP Paribas Securities Corp. by calling toll-free at 1-800-854-5674; from Goldman Sachs & Co. LLC by calling toll-free at 1-866-471-2526; from HSBC Securities (USA) Inc. by calling toll-free at 1-866-811-8049; from J.P. Morgan Securities LLC by calling collect at 1-212-834-4533; from Morgan Stanley & Co. LLC by calling toll-free at 1-866-718-1649 or from Wells Fargo Securities, LLC by calling toll-free at 1-800-645-3751.