PALO ALTO, Calif., June 16, 2021 (GLOBE NEWSWIRE) — 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/.
HP 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.
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 results of HP Inc. (“HP”) and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any statements of the plans, strategies, and objectives of HP for future operations; any 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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Source: HP Inc.