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HP Inc. Just Borrowed $5 Billion Dollars
Thanks to JPMorgan Chase Bank and BNP Paribas.
On August 1, 2024, HP Inc. secured a new five-year credit facility known as a “sustainability-linked revolving credit facility.” Here’s a breakdown of the key details:Credit Facility Type: This is a revolving credit facility, which means HP Inc. can borrow, repay, and borrow again up to the maximum limit as needed during the five-year term.
Amount and Terms: Initial Amount: The facility has a total lending commitment of $5 billion.
Increase Option: HP Inc. has the option to increase this amount by up to an additional $1 billion if certain conditions are met, including approval from the lenders.
Currency and Borrowing: HP Inc. can borrow funds in three currencies: US dollars, euros, and pounds sterling. The facility also allows for “swingline” borrowings, which are short-term loans up to a maximum of $1.5 billion.
Parties Involved: JPMorgan Chase Bank, N.A. acts as the administrative agent, meaning they manage the facility and handle administrative tasks. BNP Paribas is the Sustainability Structuring Agent, indicating they helped structure the facility to align with sustainability goals. Overall, this credit facility provides HP Inc. with substantial financial flexibility and is tied to sustainability targets, reflecting a commitment to environmental and social governance.
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