HP 2015 Annual Report Download - page 164

Table of Contents
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programs, and a wholly-owned subsidiary maintains a third program. HP's U.S. program provides for the issuance of U.S. dollar-denominated commercial
paper up to a maximum aggregate principal amount of $16.0 billion. HP's euro commercial paper program provides for the issuance of commercial paper
outside of the U.S. denominated in U.S. dollars, euros or British pounds up to a maximum aggregate principal amount of $3.0 billion or the equivalent in
those alternative currencies. The combined aggregate principal amount of commercial paper outstanding under those programs at any one time cannot
exceed the $16.0 billion authorized by HP's Board of Directors. The HP subsidiary's euro Commercial Paper/Certificate of Deposit Programme provides for
the issuance of commercial paper in various currencies of up to a maximum aggregate principal amount of $500 million.
On November 1, 2015, HP's Board of Directors authorized to borrow for the use and benefit of HP and HP's subsidiaries, by the issuance of commercial
paper or through the execution of promissory notes, loan agreements, letters of credit, agreements for lines of credit or overdraft facilities. The total
outstanding principal balance of such commercial paper issued by shall not exceed $4.0 billion or the equivalent in foreign currencies.
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Hewlett Packard Enterprise's Board of Directors has authorized the issuance of up to $4.0 billion in aggregate principal amount of commercial paper.
Hewlett Packard Enterprise maintains two commercial paper programs: (i) a U.S. dollar-denominated commercial paper program under which, Hewlett
Packard Enterprise is permitted to have issued and outstanding up to $4.0 billion unsecured commercial paper notes (the "U.S. Commercial Paper Program"),
and (ii) a euro-commercial paper program under which, Hewlett Packard Enterprise is permitted to have issued and outstanding up to $3 billion unsecured
commercial paper notes issued outside the U.S., (the "euro Commercial Paper Program"). The combined aggregate principal amount of commercial paper
outstanding under those programs at any one time cannot exceed $4.0 billion. The Hewlett Packard Enterprise's subsidiaries has been authorized to issue up
to an additional $500 million in aggregate principal amount of commercial paper. The Hewlett Packard Enterprise subsidiary's euro Commercial Paper /
Certificate of Deposit Program, which provides for the issuance of commercial paper in various currencies of up to a maximum aggregate principal amount of
$500 million.
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As of October 31, 2015, HP maintained senior unsecured committed credit facilities primarily to support the issuance of commercial paper. HP had a
$3.0 billion five-year credit facility that would have expired in March 2017 and a $4.5 billion five-year credit facility that would have expired in April 2019.
Both facilities supported the U.S. commercial paper program and the euro commercial paper program. Commitment fees, interest rates and other terms of
borrowing under the credit facilities varied based on HP's external credit ratings. HP's ability to have an outstanding U.S. commercial paper balance that
exceeded the $7.5 billion supported by these credit facilities was subject to a number of factors, including liquidity conditions and business performance. In
addition, the $3.0 billion five-year credit facility had been amended in September 2012 to permit borrowings in euros and British pounds, with the amounts
available in euros and British pounds being limited to the U.S. dollar equivalent of $2.2 billion and $300 million, respectively.
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Source: HP INC, 10-K, December 16, 2015 Powered by Morningstar® Document Research℠
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