2023-07-11 11:34:01 ET
HP ( NYSE: HPQ ) reported early tender results for its cash tender offer to buy outstanding debt securities worth up to $1B, and expects to raise the maximum amount.
As of early tender deadline of July 10, the following amount of each series of Notes that were validly tendered were — ~$346.56M of $850M principal amount of 3.4% notes due June 17, 2030; $323.83M of $1B principal amount of 4.2% notes due April 15, 2032; $478.35M of $1B principal amount of 1.450% Notes due June 17, 2026.
HP said that the aggregate purchase price of these notes (Priority level 1 to 3) validly tendered will likely exceed the maximum amount of $1B, thus it does not expect to accept for purchase any tenders of the following notes — $1B of 3% notes due June 17, 2027; $1B of 4% notes due April 15, 2029; $1.15B of 2.2% notes due June 17, 2025; $900M of 4.75% notes due Jan. 15, 2028 (Priority level 4 to 7).
The company expects to increase the maximum amount, subject to the calculation of the consideration to be paid, in order to accept for payment all notes validly tendered by the early deadline with acceptance priority Levels 1 through 3.
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HP sees over $1B worth of debt securities tendered in offer