Hp announces amendment and extension of exchange offer and consent solicitation for plantronics notes
Palo alto, calif., july 12, 2022 (globe newswire) -- hp inc. (nyse: hpq) (“hp” or the “company”) announced today the amendment and 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) (“poly”) for up to $500,000,000 aggregate principal amount of new notes to be issued by the company (the “hp notes”) and cash, and (ii) the concurrent consent solicitation (the “consent solicitation” and, together with the exchange offer, the “exchange offer and consent solicitation”) to adopt certain proposed amendments to the indenture governing the poly notes (the “poly indenture” and such proposed amendments, the “proposed amendments”). hp has (i) extended the early participation date and the consent revocation deadline (each as defined herein) from 5:00 p.m., new york city time, on july 11, 2022 to 5:00 p.m., new york city time, on july 14, 2022 and the expiration date (as defined herein) from 11:59 p.m., new york city time, on july 25, 2022 to 11:59 p.m., new york city time, on july 28, 2022 and (ii) increased the consent payment payable to holders of the poly notes who validly deliver consents to the proposed amendments on or prior to the early participation date (the “consent payment”), such that the aggregate consent payment will be $8,000,000, to be shared by all such consenting holders. specifically, the consent payment will be an amount, per $1,000 principal amount of poly notes for which holders have validly delivered (and not validly withdrawn) consents prior to the early participation date, equal to the product of $16.00 multiplied by a fraction, the numerator of which is the aggregate principal amount of poly notes outstanding as of the early participation date and the denominator of which is the aggregate principal amount of poly notes for which holders have validly delivered (and not validly withdrawn) consents prior to the early participation date. as a result, the consent payment for the poly notes will range from $16.00 per $1,000 (if all holders consent) to approximately $32.00 per $1,000 (if holders of a simple majority of the aggregate principal amount of the poly notes consent). hp will not make any further amendments to the aggregate consent payment.
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