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HP Increases Notes Offering to $1 Billion

Press release from the issuing company

PALO ALTO, Calif.--Dec. 3, 2001--Hewlett-Packard Company today announced that it has increased the size of its five-year notes offering from $750 million to $1 billion due to investor response. The deal has a five-year term with a coupon of 5.75 percent, with a reoffer yield of 5.874 percent. Credit Suisse First Boston and Salomon Smith Barney are co-leads while Banc of America Securities LLC and HSBC Securities (USA) Inc. are co-managers for the deal. The company's existing debt is rated "A2'' with negative outlook by Moody's Investor Service and "AA-'' (CreditWatch negative) by Standard & Poor's.