(Bloomberg) — Hewlett Packard Enterprise Co. plans to sell around $2.5 billion of investment-grade bonds, according to people with knowledge of the matter, who asked not to be identified as the details are private.
The four-part, dollar-denominated offering will be used in part to help finance debt related to Juniper Networks, a company it recently acquired, according to a separate person familiar with the matter. The deal includes a mix of floating-rated and fixed-rate notes, the person said, asking not to be identified.
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The longest portion of the transaction is a five-year note, which is initially being offered at a yield about 1.1 percentage point more than the benchmark. Proceeds of the deal can also be used for general corporate purposes, which may include, among other uses, repaying certain indebtedness of HPE and its subsidiaries.
Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc and NatWest Group Plc are leading the deal for HPE. While Citi declined to comment, representatives for the rest of the banks and HPE didn’t respond to requests for comment.
Around 17 companies are issuing high-grade debt on Monday, following last week’s robust $67 billion issuance that was easily absorbed by investors. HPE’s offering is part of the $45 billion to $50 billion expected to price this week.
Issuer Profile
Debt distribution: HPE US Equity DDIS
Capital structure: HPE US Equity CAST
Related securities: HPE US Equity RELS
Ratings history: HPE US Equity CRPR
(Updates to include size of the deal in the headline and lede, other use of proceeds in the third paragraph, and banks involved in the fourth paragraph.)
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