HP Inc has priced US$1 billion aggregate principal in senior unsecured notes ahead of 25 April issuance.
Half the notes will be issued with 5.400% coupons and due in 2030, with the remainder maturing in 2035 with a 5.100% coupon. The five-year notes have a public offering price of 99.732% of the principal amount, and the 10-year notes 99.778% of the principal amount.
BNP Paribas Securities, BofA Securities, Goldman Sachs, JP Morgan Securities and Wells Fargo Securities are joint book-running managers.
Net proceeds from the notes will be used for general corporate purposes, HP said, including the repayment and financing of debts. The 2.200% notes which mature in June may be covered under these repayments.
S&P Global Ratings gave the notes, and HP’s long-term issuer credit, an unchanged BBB rating. The agency noted that tariffs could have an impact on this, with the majority of HP’s manufacturing taking place outside of the US and therefore subject to significant tariffs.
The firm explained: “For now, our ratings on HP are unchanged because of the uncertainties regarding long-term tariff policy and the potential for changes as the situation evolves. We also believe the company could take steps to mitigate risk to the rating from tariffs, including cost cuts and changes to its shareholder returns. We could take a negative rating action on HP if we believe the long-term tariff policy that eventually emerges would likely result in HP sustaining leverage over 2x.”
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