...June 9, 2020 NEW YORK (S&P Global Ratings) June 9, 2020--S&P Global Ratings today assigned its '###' issue-level rating to global PC and printing company HP Inc.'s proposed unsecured senior notes offering. We expect the company will use the net proceeds from these notes to fund its tender offer for notes due 2020 and 2021 totaling $2.5 billion outstanding, as well as for general corporate purposes. The issuance will improve HP's near-term debt maturity profile and preserve its liquidity position to manage near-term cash flow variability. HP had about $4 billion of cash on hand as of April 30, 2020, and full availability under its $4 billion revolver expiring March 2023 and $1 billion 364-day revolver expiring May 28, 2021. Our '###' issuer credit rating on HP is unchanged. The outlook is stable. HP's printing supplies and profitability were notably weaker in the second quarter ended April 30, 2020. High-margin supplies revenues declined 15% year over year, while printing segment margins...
