01—Abstract
Summary
Summary of the 8-K filed April 16, 2025. Cited figures are marked; the original filing is the authoritative source.
HP Inc. (NYSE: HPQ) filed this Form 8-K to report two related financing actions completed on April 14, 2025.
The company entered into an underwriting agreement with BNP Paribas Securities Corp., BofA Securities, Inc. and Goldman Sachs & Co. LLC as representatives of the underwriters, to issue and sell $500 milliona of 5.400% notes due 2030 and $500 million of 6.100% notes due 2035, for a total of $1 billion in senior unsecured notes. The notes were registered under an automatic shelf registration statement on Form S-3 filed February 29, 2024. The offering priced at 99.732% of principal for the 2030 notes and 99.778% of principal for the 2035 notes.
HP said it intends to use the net proceeds for general corporate purposes, which may include repaying and refinancing debt, including its 2.200%b notes due June 2025 at maturity. The issuance is expected to close on April 25, 2025, subject to customary closing conditions.
The filing also reports a Third Supplemental Indenture dated April 14, 2025, which appoints U.S. Bank Trust Company, National Association as successor trustee for all series of securities issued on or after that date. The Bank of New York Mellon Trust Company, N.A. remains trustee for securities issued earlier under the June 17, 2020 indenture.
02—Key points
Key Highlights
- HP priced $1 billion of senior unsecured notes in two equal $500 million tranches on April 14, 2025.
- The 2030 notes carry a 5.400% coupon and were priced at 99.732% of principal.
- The 2035 notes carry a 6.100% coupon and were priced at 99.778% of principal.
- Proceeds are earmarked for general corporate purposes, including repayment and refinancing of debt such as the 2.200% notes due June 2025.
- Closing is expected on April 25, 2025, subject to customary closing conditions.
- The notes were issued under an automatic shelf registration statement on Form S-3 (File No. 333-277493) filed February 29, 2024.
- U.S. Bank Trust Company, National Association was appointed successor trustee for securities issued on or after April 14, 2025.
03—Questions
Frequently Asked Questions
How much debt did HP Inc. raise and on what terms?
HP sold $1 billion of senior unsecured notes: $500 million of 5.400% notes due 2030 priced at 99.732% of principal, and $500 million of 6.100% notes due 2035 priced at 99.778% of principal.
What will HP use the proceeds for?
The company intends to use the net proceeds for general corporate purposes, which may include repayment and refinancing of debt, including its 2.200% notes due June 2025 at maturity.
When is the offering expected to close?
The issuance of the notes is expected to close on April 25, 2025, subject to customary closing conditions.
Under what registration were the notes issued?
The notes were registered under the company's automatic shelf registration statement on Form S-3 (File No. 333-277493), filed with the SEC on February 29, 2024.
Did the trustee under the indenture change?
Yes, for securities issued on or after April 14, 2025, U.S. Bank Trust Company, National Association is the successor trustee under the June 17, 2020 indenture. The Bank of New York Mellon Trust Company, N.A. remains trustee for outstanding series issued before that date.
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