- Ahead of its Nov. 1 breakup into HP Inc. (PC/printing) and HP Enterprise, HP's (HPQ - unchanged) board has authorized a $3B buyback for the latter. The program doesn't have an expiration date. (8-K filing)
- The move follows the closing of a $14.6B, 9-part, debt offering by Enterprise (net proceeds of $14.53B) involving fixed and floating rate notes maturing between 2017 and 2045. The funds have been funneled to HP proper, which plans to use up to $8.85B of the proceeds to retire existing debt.
- HP proper spent $352M in the July quarter to buy back 11M shares.