HP Inc. Announces Closing of Its Inaugural $1 Billion Sustainability Notes Offering
June 16 2021 - 4:15PM
HP Inc. (NYSE: HPQ) today announced the closing of its inaugural
sustainability notes issuance, totaling $1 billion, which was part
of a $2 billion overall debt offering.
The sustainability notes are designed to empower investors to
join HP in tackling important economic, social and sustainability
issues. This offering follows a recent $5 billion, five-year
revolving credit facility structured as the company’s inaugural
sustainability-linked loan (SLL), which closed on May 26,
2021.
Under the SLL, HP’s targets are aligned with the goals of
achieving net zero greenhouse gas (GHG) emissions across the HP
value chain by 2040 and doubling the number of Black and African
American executives inside the company by 2025. The pricing of the
SLL will increase or decrease based on whether HP reaches those
targets, providing a financial incentive for the company to meet
these goals.
“HP has set an ambitious agenda to become the most sustainable
and just company in the industry,” said Chief Financial Officer
Marie Myers. “Issuing our inaugural sustainability notes as well as
our first-ever sustainability-linked loan significantly
demonstrates our commitment to making a positive environmental and
social impact.”
As outlined in the HP Sustainable Bond Framework, the proceeds
of the sustainability notes will be used to fund projects across
seven green bond eligible project categories in addition to one
social bond eligible project category, including: renewable energy;
green buildings; energy efficiency; clean transportation; pollution
prevention and control; eco-efficient and/or circular economy
products, production technologies and processes; environmentally
sustainable management of living natural resources and land use;
and socioeconomic advancement and empowerment.
HP will publish a Sustainable Bond Report, beginning in 2022
until the full allocation of the net proceeds from the sale of any
Sustainable Bonds. More information on this topic is available at
https://investor.hp.com/governance/sustainability/.
About HPHP Inc. creates technology that makes
life better for everyone, everywhere. Through our product and
service portfolio of personal systems, printers, and 3D printing
solutions, we engineer experiences that amaze. More information
about HP Inc. is available at http://www.hp.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. Any such statements
involve risks, uncertainties, and assumptions. If such risks or
uncertainties materialize or such assumptions prove incorrect, the
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differ materially from those expressed or implied by such
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statements of expectation or belief; and any statements of
assumptions underlying any of the foregoing. Risks, uncertainties,
and assumptions include the possibility that the company may not
achieve its environmental and social goals; that the company may
not successfully identify and/or complete eligible projects; and
other risks that are described in HP’s SEC reports, including but
not limited to the risks described in HP’s Annual Report on Form
10-K for its fiscal year ended October 31, 2020 and HP’s other
filings with the Securities and Exchange Commission. HP assumes no
obligation and does not intend to update these forward-looking
statements.
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