HP Announces Final Results and Settlement of Change of Control Offer for 4.750% Notes due 2029

PALO ALTO, Calif., Nov. 17, 2022 (GLOBE NEWSWIRE) -- HP Inc. (NYSE: HPQ) (“HP” or the “Company”) announced today the final results and settlement of the previously announced change of control repurchase offer to holders (the “Holders”) for any and all outstanding 4.750% notes due 2029 (the “Notes”) of the Company for cash (such offer to purchase, the “Post-Acquisition Change of Control Repurchase Offer”). The Post-Acquisition Change of Control Repurchase Offer was made pursuant to the terms and subject to the conditions set forth in (i) the change of control repurchase offer dated October 19, 2022 (the “Offering Document”) and (ii) the base indenture, dated as of June 17, 2020 (as amended and supplemented by the second supplemental indenture, dated September 1, 2022, with respect to the Notes, the “Indenture”), by and between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, and expired at 11:59 p.m., New York City time, on November 16, 2022 (the “Expiration Date”).

As of the Expiration Date, $488,211,000.00 in aggregate principal amount of Notes had been validly tendered and not validly withdrawn, which HP accepted. On November 17, 2022, HP made the change of control payment of 101.000% of the aggregate principal amount of the repurchased Notes, plus $4,895,671.41 in accrued and unpaid interest to, but excluding, November 17, 2022, to the holders of the tendered Notes in accordance with the terms of the Offering Document. Because more than 90% in aggregate principal amount of the outstanding Notes were validly tendered and accepted, HP will have the right to redeem all Notes that remain outstanding in accordance with the terms of the Indenture.  

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Post-Acquisition Change of Control Repurchase Offer was made solely pursuant to the Offering Document and only to such persons and in such jurisdictions as are permitted under applicable law.

About HP Inc.

HP Inc. (NYSE: HPQ) is a technology company that believes one thoughtful idea has the power to change the world. Its product and service portfolio of personal systems, printers, and 3D printing solutions helps bring these ideas to life. Visit http://www.hp.com.