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HP Prices $500 Million Bond Offering
PALO ALTO, Calif., March 6, 2003
HP (NYSE:HPQ) today announced the pricing of a sale of senior unsecured Global Notes totaling $500 million due March 15, 2008, with a coupon of 3.625 percent. The Global Notes will be rated "A3" by Moody's Investors Services, "A-" by Standard & Poor's and "A" by Fitch Ratings, in each case with negative outlook.
The net proceeds from the sale of the Global Notes are expected to be used for general corporate purposes, which may include capital expenditures, repurchases of common stock, payment of dividends, repayment of indebtedness of HP and its subsidiaries, acquisitions of products, technology and businesses, including related restructuring expenses and meeting working capital needs.
The Global Notes are being issued under HP's effective shelf registration statement (registration statement number 333-83346). The offering is expected to close on March 13, 2003.
Salomon Smith Barney, HSBC and BNP Paribas are joint book-running managers on the transaction.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale is unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About HP
HP is a leading global provider of products, technologies, solutions and services to consumers and businesses. The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. HP completed its acquisition of Compaq Computer Corporation on May 3, 2002. More information about HP is available at http://www.hp.com.
This document contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of financial items; any statements of the plans, strategies, and objectives of management for future operations, including with respect to debt offerings; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include risks relating to macroeconomic and geopolitical trends and events impacting the debt markets, the timing of closing and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to HP's annual report on Form 10-K for the year ended October 31, 2002, as filed with the Securities and Exchange Commission on January 21, 2003, and subsequently filed reports. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, HP's results could differ materially from HP's expectations in these statements. HP assumes no obligation to update these forward-looking statements.
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