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Hewlett Packard inks $14B term loan commitment backing Juniper buy

Pitchbook
·1 min read

Hewlett Packard Enterprise announced that it has obtained commitments from Citi, JP Morgan, and Mizuho providing a $14 billion senior unsecured delayed-draw term loan facility in connection with its $14 billion acquisition of Juniper Networks, which is expected to close in late 2024 or early 2025.

The term loan facility includes an $11 billion, 364-day tranche and a $3 billion, three-year tranche. The 364-day facility is expected to be taken out with $6.5 billion of new senior notes, $1.5 billion of mandatory convertible preferred securities, and $3 billion of cash, according to a company statement. HPE is also expected to assume $1.7 million of Juniper debt.

As of Oct. 31, HPE had roughly $9 billion outstanding under senior unsecured notes with maturities ranging from 2024-2045. It also had no outstanding amounts under a $4.75 billion senior unsecured revolver.



This article originally appeared on PitchBook News