By Susanna Moon
Chicago, Feb. 24 - Hewlett-Packard Co. sold an upsized $2.775 billion of notes in three tranches, according to FWP filings Tuesday with the Securities and Exchange Commission.
The deal launched and priced late Monday, and full terms were not available at press time that day.
The $1 billion of three-year notes have a coupon of 4.25% and priced at 99.956 to yield 4.266%, 295 basis points over Treasuries. The notes have a make-whole call at Treasuries plus 45 bps.
A $1.5 billion tranche of notes due June 2, 2014 have a coupon of 4.75% and priced at 99.993 to yield 4.753%, or Treasuries plus 295 bps. They also have a make-whole call at Treasuries plus 45 bps.
The third tranche was an upsized $275 million of two-year non-callable floating-rate notes, which priced at par with a coupon of Libor plus 175 bps. The size was originally $200 million. The floaters are non-callable.
Bookrunners were Banc of America Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Greenwich Capital Markets, Inc. and Morgan Stanley & Co. Inc.
Senior co-managers were Barclays Capital Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Mitsubishi UFJ Securities International plc and Wells Fargo Securities, LLC.
The computer company is based in Palo Alto, Calif.
| Issuer: | Hewlett-Packard Co.
|
| Total amount: | $2.775 billion
|
| Bookrunners: | Banc of America Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Greenwich Capital Markets, Inc. and Morgan Stanley & Co. Inc.
|
| Senior co-managers: | Barclays Capital Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Mitsubishi UFJ Securities International plc and Wells Fargo Securities, LLC
|
| Trade date: | Feb. 23
|
| Settlement date: | Feb. 26
|
| Ratings: | Moody's Investors Service: A2
|
| Standard & Poor's: A
|
| Fitch Ratings: A+
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Issue: | Fixed-rate notes
|
| Maturity: | Feb. 24, 2012
|
| Coupon: | 4.25%
|
| Price: | 99.956
|
| Yield: | 4.266%
|
| Spread: | Treasuries plus 295 bps
|
| Call: | Make-whole call at Treasury plus 45 bps
|
|
|
| Notes due 2014
|
| Amount: | $1.5 billion
|
| Issue: | Fixed-rate notes
|
| Maturity: | June 2, 2014
|
| Coupon: | 4.75%
|
| Price: | 99.993
|
| Yield: | 4.753%
|
| Spread: | Treasuries plus 295 bps
|
| Call: | Make-whole call at Treasury plus 45 bps
|
|
|
| Two-year floaters
|
| Amount: | $275 million, upsized from $200 million
|
| Issue: | Floating-rate notes
|
| Maturity: | Feb. 24, 2011
|
| Coupon: | Libor plus 175 bps
|
| Price: | Par
|
| Yield: | Libor plus 175 bps
|
| Call: | Non-callable
|
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