HP plans to sell two series of notes via three bookrunners

Chicago, June 6 – HP Inc. is in the Monday market with a two-part offering of notes, according to a 424B2 filing with the Securities and Exchange Commission.

There will be optional make-whole calls followed by par calls.

Joint bookrunners are Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC.

Bank of New York Mellon Trust Co., NA is the trustee.

For counsel Gibson, Dunn & Crutcher LLP is advising the issuer and Cravath, Swaine & Moore LLP is working for the underwriters.

Proceeds will be used to support the pending acquisition of Plantronics, Inc., repay Plantronics’ existing term loan and pay any related fees and expenses.

There is a special mandatory redemption of the notes at 101 if the acquisition is not consummated by June 26, 2023.

Any change of control would trigger a 101 put.

Based in Palo Alto, Calif., HP provides personal computing and other access devices, imaging and printing products, and related technologies, solutions, and services. HP is acquiring Plantronics for an enterprise value of $3.3 billion, as announced on March 25.

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