HP Announces Further Extension of Exchange Offer and Consent Solicitation for Plantronics Notes
HP Inc. (NYSE: HPQ) announced an extension of its private exchange offer for outstanding Poly Notes from Plantronics, Inc. The offer allows eligible holders to exchange up to $500 million in notes for new HP notes and cash. The new deadlines extend the Early Participation Date and Consent Revocation Deadline to July 18, 2022, and the Expiration Date to August 1, 2022. HP anticipates strong participation from Poly Notes holders. Detailed terms are available in the Offering Memorandum and Consent Solicitation Statement. This press release does not constitute an offer to sell or purchase any security.
- HP expects strong participation in the exchange offer from holders of Poly Notes.
- The extension of the offer suggests difficulties in securing adequate participation initially.
- The exchange offer may indicate liquidity challenges regarding HP's debt management.
PALO ALTO, Calif., July 13, 2022 (GLOBE NEWSWIRE) -- HP Inc. (NYSE: HPQ) (“HP” or the “Company”) announced today a further extension of (i) its previously announced private exchange offer to certain eligible holders (the “Exchange Offer”) for any and all outstanding notes (the “Poly Notes”) issued by Plantronics, Inc. (NYSE: POLY) for up to
Based on communications with representatives of holders of the Poly Notes, HP expects holders of a majority of the Poly Notes to participate in the Exchange Offer and Consent Solicitation. Holders of the Poly Notes are referred to the exchange memorandum and consent solicitation statement dated June 27, 2022 (as amended by the press release dated July 12, 2022 and from time to time, the “Offering Memorandum and Consent Solicitation Statement”) for the detailed terms and conditions of the Exchange Offer and Consent Solicitation, all of which remain unchanged except as set forth in this release. Capitalized terms used but not defined in this press release shall have the meanings ascribed to them in the Offering Memorandum and Consent Solicitation Statement.
Documents relating to the Exchange Offer and Consent Solicitation will only be distributed to eligible holders of Poly Notes who complete and return an eligibility certificate confirming that they are either a “qualified institutional buyer” under Rule 144A or not a “U.S. person” and outside the United States under Regulation S for purposes of applicable securities laws, and a non U.S. qualified offeree (as defined in the Offering Memorandum and Consent Solicitation Statement). The complete terms and conditions of the Exchange Offer and Consent Solicitation are described in the Offering Memorandum and Consent Solicitation Statement, copies of which may be obtained by contacting D.F. King & Co., Inc., the exchange agent and information agent in connection with the Exchange Offer and Consent Solicitation, at (888) 605-1956 (toll-free) or (212) 269-5550 (banks and brokers), or by email at hp@dfking.com. The eligibility certificate is available electronically at: www.dfking.com/hp and is also available by contacting D.F. King & Co., Inc.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Exchange Offer and Consent Solicitation is being made solely pursuant to the Offering Memorandum and Consent Solicitation Statement and only to such persons and in such jurisdictions as are permitted under applicable law.
The HP Notes offered in the Exchange Offer have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Therefore, the HP Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and any applicable state securities laws.
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FAQ
What is HPQ's recent press release about?
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