By Andrea Heisinger
New York, Sept. 8 - Hewlett-Packard Co. sold a $3 billion offering of global senior unsecured notes (A2/A/A) in three tranches on Wednesday, a syndicate source confirmed.
An $800 million tranche of two-year floating-rate notes priced at par to yield three-month Libor plus 12.5 basis points. This was at the tight end of guidance in the Libor plus 15 bps area.
A $1.1 billion tranche of three-year fixed-rate notes priced to yield Treasuries plus 50 bps. The notes priced in line with talk in the 50 bps area.
A $1.1 billion tranche of five-year notes priced to yield 70 bps over Treasuries. This was also in line with talk in the 70 bps area.
Full terms were not available at press time.
Citigroup Global Markets Inc., Barclays Capital Inc. and J.P. Morgan Securities Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including commercial paper repayment and acquisitions.
The computer products and technology company is based in Palo Alto, Calif.
| Issuer: | Hewlett-Packard Co.
|
| Issue: | Global senior unsecured notes
|
| Amount: | $3 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Barclays Capital Inc., J.P. Morgan Securities Inc.
|
| Trade date: | Sept. 8
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
|
|
| Two-year floaters
|
| Amount: | $800 million
|
| Maturity: | 2012
|
| Coupon: | Three-month Libor plus 12.5 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 12.5 bps
|
| Price talk: | Libor plus 15 bps area
|
|
|
| Three-year notes
|
| Amount: | $1.1 billion
|
| Maturity: | 2013
|
| Spread: | Treasuries plus 50 bps
|
| Price talk: | 50 bps area
|
|
|
| Five-year notes
|
| Amount: | $1.1 billion
|
| Maturity: | 2015
|
| Spread: | Treasuries plus 70 bps
|
| Price talk: | 70 bps area
|
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