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    Thursday, September 1, 2022

    HP Announces Expiration and Final Results of Exchange Offer for Plantronics Notes


    HP Inc. announced today the expiration and final results of the previously announced offer to exchange (the “Exchange Offer”) any and all outstanding notes (the “Poly Notes”) of Plantronics, Inc. (“Poly”) for up to $500,000,000 aggregate principal amount of new notes to be issued by the Company (the “HP Notes”). The Exchange Offer expired at 5:00 p.m., New York City time, on August 31, 2022 (the “Expiration Date”).

    For each $1,000 principal amount of Poly Notes validly tendered and not validly withdrawn prior to the Expiration Date, eligible holders of Poly Notes will receive $1,000 principal amount of HP Notes. For each $1,000 principal amount of Poly Notes validly tendered and not validly withdrawn at or prior to the Early Participation Date (as defined below), eligible holders of such Poly Notes will also receive a consent payment of approximately $16.31 in cash.

    As previously announced, at 5:00 p.m., New York City time, on July 18, 2022 (the “Early Participation Date”), the solicitation of consents to adopt certain proposed amendments (the “Amendments”) to the indenture governing the Poly Notes (the “Poly Indenture”) expired. The requisite consents were received to adopt the Amendments with respect to all outstanding Poly Notes at the Early Participation Date, and Poly executed the supplemental indenture to the Poly Indenture with respect to the Amendments on July 25, 2022. The Amendments will become operative upon the settlement of the Exchange Offer on the Settlement Date (as defined below).

    The Exchange Offer was made pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated June 27, 2022 (as amended from time to time prior to the date hereof, the “Offering Memorandum and Consent Solicitation Statement”), and was conditioned upon the closing of the Company’s acquisition of Poly, which was completed on August 29, 2022.

    As of the Expiration Date, holders validly tendered $491,116,000 aggregate principal amount of Poly Notes pursuant to the Exchange Offer, and all conditions to the Exchange Offer were satisfied. The settlement date for the Exchange Offer (the “Settlement Date”) is expected to occur on September 1, 2022.

    The HP Notes will have the same interest rate, maturity date, redemption terms and interest payment dates as the Poly Notes. Holders of the Poly Notes will receive any accrued and unpaid interest on September 1, 2022 as required by the terms of the Poly Indenture.

    Documents relating to the Exchange Offer were only distributed to eligible holders of Poly Notes who completed and returned an eligibility certificate confirming that they are either a “qualified institutional buyer” under Rule 144A or not a “U.S. person” and outside the United States under Regulation S for purposes of applicable securities laws, and a non U.S. qualified offeree (as defined in the Offering Memorandum and Consent Solicitation Statement).

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