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HP begins change-of-control offer for 4¾% notes due 2029
By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – HP Inc. began a change-of-control offer for any and all of the outstanding 4¾% senior notes due 2029 (Cusips: 40434LAP0, U4425 CB0), according to a press release on Wednesday.
As announced, on Aug. 29, HP completed its acquisition of Plantronics, Inc., and, in connection completed its offer to exchange any and all of the outstanding notes of Plantronics for up to $500 million of the 4¾% senior notes due 2029. Under the exchange offer, $491,116,000 of Plantronics notes were exchanged for the 4¾% senior notes due 2029 issued by HP.
Under the post-acquisition change-of-control offer, HP is offering holders who tender their notes 101 plus accrued interest to, but excluding, the Nov. 17 repurchase date. The total amount of accrued interest on that date will be $4,924,802.11.
Holders must surrender their notes for repurchase by 11:59 p.m. ET on Nov. 16.
If holders of at least 90% of the notes surrender their notes for repurchase, HP will have the right to redeem the remaining outstanding notes at 101 plus interest.
Holders may withdraw notes surrendered for repurchase through the expiration time.
Bank of New York Mellon Trust Co. (315 414-3349 or CT_REORG_UNIT_INQUIRIES@bnymellon.com) is the paying agent.
Plantronics is a Santa Cruz, Calif.-based electronics company. HP is a Palo Alto, Calif., technology company.
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