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HP Announces Amendment and Extension of Exchange Offer and Consent Solicitation for Plantronics Notes
Источник: Nasdaq GlobeNewswire / 12 июл 2022 07:59:37 America/Chicago
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will be an amount, per $1,000 principal amount of Poly Notes for which holders have validly delivered (and not validly withdrawn) consents prior to the Early Participation Date, equal to the product of $16.00 multiplied by a fraction, the numerator of which is the aggregate principal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of which is the aggregate principal amount of Poly Notes for which holders have validly delivered (and not validly withdrawn) consents prior to the Early Participation Date.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.
Holders of the Poly Notes are referred to the exchange memorandum and consent solicitation statement dated June 27, 2022 (as amended hereby, and which may be further amended or supplemented from time to time, the “Offering Memorandum and Consent Solicitation Statement”) for the detailed terms and conditions of the Consent Solicitation, all of which remain unchanged except as set forth in this release. As previously announced, the Exchange Offer and Consent Solicitation is being conducted in connection with, and is conditioned upon, the completion of HP’s acquisition of Poly (the “Acquisition”). The Proposed Amendments require the consent of the holders of not less than a majority in principal amount of the Poly Notes outstanding (the “Requisite Consent”). If the Requisite Consent is not obtained by the Early Participation Date, HP will terminate the Exchange Offer and Consent Solicitation.
The Exchange Offer will expire at 11:59 p.m., New York City time, on July 28, 2022, unless extended or terminated by HP (such date and time, as may be extended, the “Expiration Date”). Eligible holders of Poly Notes who validly tender and not have validly withdrawn their Poly Notes at or prior to 5:00 p.m., New York City time, on July 14, 2022, unless extended or terminated (such date and time, as the same may be further extended, the “Early Participation Date”), will be eligible to receive the Early Participation Premium (as defined herein). A consent may not be revoked after the earlier of (i) 5:00 p.m., New York City time, on July 14, 2022, unless extended or terminated, and (ii) the date the supplemental indenture to the Poly Indenture implementing the Proposed Amendments is executed (the earlier of (i) and (ii), the “Consent Revocation Deadline”). The Consent Solicitation will expire at the Early Participation Date. The settlement date (the “Settlement Date”) for the Exchange Offer will be promptly after the Expiration Date and is expected to occur no earlier than the closing of the Acquisition, which is expected to be completed by the end of the calendar year 2022, subject to customary closing conditions, including regulatory approvals. For each $1,000 principal amount of Poly Notes validly tendered and not validly withdrawn at or prior to the Early Participation Date, eligible holders of Poly Notes will be eligible to receive the total consideration set out in the Offering Memorandum and Consent Solicitation Statement as modified by this release (the “Total Consideration”), which will include the Consent Payment and an early participation premium, payable in principal amount of HP Notes, of $30 (the “Early Participation Premium”). To be eligible to receive the Total Consideration, eligible holders must have validly tendered and not withdrawn their Poly Notes at or prior to the Early Participation Date and beneficially own such Poly Notes at the Expiration Date. If an eligible holder has already validly tendered and not withdrawn its Poly Notes pursuant to the previously announced Exchange Offer and Consent Solicitation, such holder is not required to take any further action with respect to such Poly Notes in order to receive the Consent Payment. For the avoidance of doubt, unless the Exchange Offer is amended, in no event will any holder of Poly Notes receive more than $1,000 aggregate principal amount of HP Notes for each $1,000 aggregate principal amount of Poly Notes accepted for exchange.
For each $1,000 principal amount of Poly Notes validly tendered and not validly withdrawn after the Early Participation Date and prior to the Expiration Date, eligible holders of Poly Notes will be eligible to receive $970 principal amount of HP Notes (the “Exchange Consideration”). To be eligible to receive the Exchange Consideration, eligible holders must validly tender (and not validly withdraw) their Poly Notes at or prior to the Expiration Date. If an eligible holder validly tenders and has not withdrawn their Poly Notes at or prior to the Early Participation Date and beneficially owns such Poly Notes at the Expiration Date, the eligible holder will instead receive the Total Consideration. An eligible holder that validly tenders Poly Notes and delivers (and does not validly revoke) a consent prior to the Early Participation Date, but withdraws such Poly Notes after the Early Participation Date but prior to the Expiration Date, will receive the Consent Payment, even if such eligible holder is no longer the beneficial owner of such Poly Notes on the Expiration Date.
Documents relating to the Exchange Offer and Consent Solicitation will only be distributed to eligible holders of Poly Notes who complete and return an eligibility certificate confirming that they are either a “qualified institutional buyer” under Rule 144A or not a “U.S. person” and outside the United States under Regulation S for purposes of applicable securities laws, and a non U.S. qualified offeree (as defined in the Offering Memorandum and Consent Solicitation Statement). The complete terms and conditions of the Exchange Offer and Consent Solicitation are described in the Offering Memorandum and Consent Solicitation Statement, copies of which may be obtained by contacting D.F. King & Co., Inc., the exchange agent and information agent in connection with the Exchange Offer and Consent Solicitation, at (888) 605-1956 (toll-free) or (212) 269-5550 (banks and brokers), or by email at hp@dfking.com. The eligibility certificate is available electronically at: www.dfking.com/hp and is also available by contacting D.F. King & Co., Inc.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Exchange Offer and Consent Solicitation is being made solely pursuant to the Offering Memorandum and Consent Solicitation Statement and only to such persons and in such jurisdictions as are permitted under applicable law.
The HP Notes offered in the Exchange Offer have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Therefore, the HP Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and any applicable state securities laws.
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