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Issuer:
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HP Inc.
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Anticipated Ratings:(1)
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Baa2 (Moody’s) / BBB (S&P) / BBB+ (Fitch)
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Trade Date:
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April 14, 2025
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Settlement Date:(2)
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April 25, 2025 (T+8)
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Title of Securities:
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5.400% notes due 2030 (the “2030 Notes”)
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Maturity Date:
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April 25, 2030
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Principal Amount:
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$500,000,000
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Interest Rate:
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5.400% per annum
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Benchmark:
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UST 4.000% due March 31, 2030
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Benchmark Yield:
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4.012%
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Spread to Benchmark:
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+145 Basis Points
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Reoffer Yield:
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5.462%
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Price to Public (Issue Price):
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99.732%
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Interest Payment Dates:
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Semiannually; April 25 and October 25 of each year, commencing October 25, 2025 (subject to the following business day convention).
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Method of Calculation:
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30/360
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Optional Redemption:
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At any time prior to March 25, 2030 (one month prior to maturity), make-whole redemption at Treasury Rate plus 25 basis points. On or
after March 25, 2030 (one month prior to maturity), redemption at par.
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CUSIP/ISIN Nos.:
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40434L AR6 / US40434LAR69
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Title of Securities:
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6.100% notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”)
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Maturity Date:
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April 25, 2035
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Principal Amount:
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$500,000,000
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Interest Rate:
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6.100% per annum
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Benchmark:
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UST 4.625% due February 15, 2035
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Benchmark Yield:
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4.380%
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Spread to Benchmark:
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+175 Basis Points
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Reoffer Yield:
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6.130%
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Price to Public (Issue Price):
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99.778%
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Interest Payment Dates:
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Semiannually; April 25 and October 25 of each year, commencing October 25, 2025 (subject to the following business day convention).
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Method of Calculation:
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30/360
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Optional Redemption:
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At any time prior to January 25, 2035 (three months prior to maturity), make-whole redemption at Treasury Rate plus 30 basis points. On or after January 25,
2035 (three months prior to maturity), redemption at par.
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CUSIP/ISIN Nos.:
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40434L AS4 / US40434LAS43
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Denominations:
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$2,000 X $1,000
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Joint Book Running Managers:
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BNP Paribas Securities Corp.
BofA Securities, Inc. Goldman Sachs & Co. LLC
J.P. Morgan Securities LLC
Wells Fargo Securities, LLC
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Co-Managers:
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Citigroup Global Markets Inc.
HSBC Securities (USA) Inc.
Morgan Stanley & Co. LLC
Santander US Capital Markets LLC
U.S. Bancorp Investments, Inc.
Credit Agricole Securities (USA) Inc.
ING Financial Markets LLC
SG Americas Securities, LLC
Standard Chartered Bank
CIBC World Markets Corp.
Loop Capital Markets LLC
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(1)
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A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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(2)
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We expect delivery of the Notes will be made against payment therefor on or about April 25, 2025, which is the eighth business day following the date
hereof. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day unless the parties to that trade expressly agree otherwise. Accordingly,
purchasers who wish to trade the Notes on any date prior to the business day before delivery will be required, by virtue of the fact that the Notes initially will settle in T+8, to specify an alternative settlement cycle at the time of any
such trade to prevent failed settlement and should consult their own advisers.
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