Hewlett-Packard Company ("HP
Co.") HPQ today announced the pricing for its previously announced
cash tender offer (the "Tender Offer") for its 2.200% notes due December
2015, 2.650% notes due June 2016, 3.000% notes due September 2016, 3.300%
notes due December 2016, 5.40% notes due March 2017, 2.600% notes due
September 2017 and 5.50% notes due March 2018 (collectively, the "Notes").
The Tender Offer is being made pursuant to an Offer to Purchase, dated
September 30, 2015 (the "Offer to Purchase"), and related Letter of
Transmittal (the "Letter of Transmittal"), which set forth a description of
the terms and conditions of the Tender Offer.
The consideration to be paid in the Tender Offer for each series of Notes
has been determined in the manner described in the Offer to Purchase by
reference to a fixed spread over the yield to maturity of the applicable
Reference U.S. Treasury Security specified in the table below and in the
Offer to Purchase (the "Tender Offer Yield"). Holders who validly tendered
and did not validly withdraw Notes at or prior to the Early Tender Deadline
(as defined below) that are accepted for purchase will receive the
applicable "Total Consideration" listed in the table below, which includes
an early tender payment of $30.00 per $1,000 principal amount of Notes
accepted for purchase (the "Early Tender Premium"). In addition, holders
whose Notes are accepted for purchase pursuant to the Tender Offer will also
receive accrued and unpaid interest on their purchased Notes from the last
interest payment date for such Notes to, but excluding, the settlement date.
Principal Reference
Total
Title of CUSIP Amount Reference Treasury Fixed
Consideration
Security Number Outstanding Security Yield Spread
(1) (2)
------------- ---------- --------------- ---------- --------- ------
-------------
0.250%
U.S.
Treasur
y Notes
due
2.200% Notes Nov.
due Dec. 30,
2015 428236BE2 $650,000,000 2015 0.091% 12 bps
$1,002.48
-------------- ----------- ---------------- -------- --------- ------
-------------
2.650% Notes 428236BL6 $1,000,000,000 0.375% 0.237% 15 bps
$1,014.11
due June U.S.
2016 Treasur
y Notes
due May
31,
2016
-------------- ----------- ---------------- -------- --------- ------
-------------
3.000% Notes 428236BP7 $1,300,000,000 0.875% 0.327% 35 bps
$1,021.12
due Sept. U.S.
2016 Treasur
y Notes
due
Sept.
15,
2016
-------------- ----------- ---------------- -------- --------- ------
-------------
3.300% Notes 428236BU6 $850,000,000 0.500% 0.378% 37.5
$1,029.03
due Dec. U.S. bps
2016 Treasur
y Notes
due
Nov.
30,
2016
-------------- ----------- ---------------- -------- --------- ------
-------------
5.40% Notes 428236AM5 $500,000,000 0.500% 0.454% 15 bps
$1,065.57
due March U.S.
2017 Treasur
y Notes
due
Feb.
28,
2017
-------------- ----------- ---------------- -------- --------- ------
-------------
2.600% Notes 428236BW2 $1,500,000,000 1.000% 0.589% 30 bps
$1,032.39
due Sept. U.S.
2017 Treasur
y Notes
due
Sept.
15,
2017
-------------- ----------- ---------------- -------- --------- ------
-------------
5.50% Notes 428236AS2 $750,000,000 0.750% 0.740% 30 bps
$1,104.35
due March U.S.
2018 Treasur
y Notes
due
Feb.
28,
2018
-------------- ----------- ---------------- -------- --------- ------
-------------
(1) Per $1,000 principal amount of Notes.
(2) Includes the Early Tender Premium per $1,000 principal
amount of Notes for each Series as set forth in this
table.
The Tender Offer will expire at 11:59 p.m., New York City time, on October
28, 2015, unless extended (such date and time, as the same may be extended,
the "Expiration Time"). Holders of Notes must have validly tendered and not
validly withdrawn their Notes on or before 5:00 p.m., New York City time, on
October 14, 2015 (the "Early Tender Deadline") to be eligible to receive the
applicable Total Consideration for their tendered Notes. After such time,
the Notes may not be withdrawn except in certain limited circumstances where
additional withdrawal rights are required by law. HP Co. expects that
settlement for Notes validly tendered and not validly withdrawn on or before
the Early Tender Deadline and accepted for purchase will be on October 16,
2015 (the "Settlement Date").
HP Co.'s obligation to accept for purchase, and to pay for, any Notes
validly tendered (and not validly withdrawn) and accepted for purchase
pursuant to the Tender Offer is conditioned upon the satisfaction or waiver
of the conditions described in the Offer to Purchase under the heading
"Terms of the Tender Offer -- Conditions to the Tender Offer."
This press release is neither an offer to purchase nor a solicitation of an
offer to sell securities. No offer, solicitation, purchase or sale will be
made in any jurisdiction in which such offer, solicitation, or sale would be
unlawful. The Tender Offer is being made solely pursuant to terms and
conditions set forth in the Offer to Purchase and the Letter of Transmittal.
Goldman, Sachs & Co., Morgan Stanley & Co. LLC and HSBC Securities (USA)
Inc. are serving as Dealer Managers for the Tender Offer. Questions
regarding the Tender Offer may be directed to Goldman, Sachs & Co. at (800)
828-3182 (toll free) or (212) 357-0422 (collect), to Morgan Stanley & Co.
LLC at (800) 624-1808 (toll free) or (212) 761-1057 (collect) or to HSBC
Securities (USA) Inc. at (888) HSBC-4LM (toll free) or (212) 525-5552
(collect). Requests for the Offer to Purchase or the Letter of Transmittal
or the documents incorporated by reference therein may be directed to Global
Bondholder Services Corporation, which is acting as Tender and Information
Agent for the Tender Offer, at the following telephone numbers: banks and
brokers, (212) 430-3774; all others toll free at (866) 924-2200.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks,
uncertainties and assumptions. If the risks or uncertainties ever
materialize or the assumptions prove incorrect, the results of HP Co. may
differ materially from those expressed or implied by such forward-looking
statements and assumptions. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements, including but not limited to any statements regarding the Tender
Offer, any statements of expectation or belief and any statements or
assumptions underlying any of the foregoing. Risks, uncertainties and
assumptions include the possibility that expected benefits may not
materialize as expected and other risks that are described in HP Co.'s
Annual Report on Form 10-K for the fiscal year ended October 31, 2014 and HP
Co.'s other filings with the Securities and Exchange Commission, including
HP Co.'s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31,
2015. HP Co. assumes no obligation and does not intend to update these
forward-looking statements.
Editorial contacts
Kait Conetta
HP
corpmediarelations@hp.com
www.hp.com/go/newsroom
(END) Dow Jones Newswires
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in