...September 7, 2022 NEW YORK (S&P Global Ratings) Sept. 7, 2022--S&P Global Ratings today assigned its '###' issue-level rating to HP Inc.'s new exchange notes totaling approximately $491.1 million. HP (###/Stable/A-2) completed its offer to exchange Plantronics Inc.'s (Poly) $500 million 4.75% unsecured senior notes due 2029 for the new notes. The notes will have the same interest rate, maturity date, redemption terms, and interest payment dates as the Poly notes. The issue level rating reflects our expectation for immaterial amount of priority debt in HP's capital structure and that the notes rank equally with HP's existing senior unsecured debt. Our '###' issuer credit rating on HP is unchanged. We expect HP's S&P Global Ratings'-adjusted leverage will be 1.7x-1.8x, which is somewhat higher than our previous forecast of 1.5x. This accounts for softening consumer demand, continued share buybacks of $4 billion annually and the cash and debt funding for HP's Poly acquisition. Though the adjusted...
