Hewlett Packard Enterprise CoHPE
Hewlett Packard Enterprise Co Debt Disclosure
Borrowings
Notes Payable and Short-Term Borrowings
Notes payable and short-term borrowings, including the current portion of long-term debt, were as follows:
| As of October 31, | |||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Amount Outstanding | Weighted-Average Interest Rate | Amount Outstanding | Weighted-Average Interest Rate | ||||||||||||||||||||
| Dollars in millions | |||||||||||||||||||||||
Current portion of long-term debt(1) | $ | 3,796 | 4.4 | % | $ | 3,969 | 7.6 | % | |||||||||||||||
| Commercial paper | 681 | 2.3 | % | 649 | 3.7 | % | |||||||||||||||||
| Notes payable to banks, lines of credit and other | 132 | 3.1 | % | 124 | 5.0 | % | |||||||||||||||||
| Total notes payable and short-term borrowings | $ | 4,609 | $ | 4,742 | |||||||||||||||||||
(1)As of October 31, 2025 and 2024, the Current portion of long-term debt, net of discount and issuance costs, included $1.2 billion and $1.4 billion, respectively, both associated with the asset-backed debt securities issued by the Company.
Long-Term Debt
| As of October 31, | |||||||||||||||||||||||
| Issuance Date | Maturity Date | 2025 | 2024 | ||||||||||||||||||||
| In millions | |||||||||||||||||||||||
Unsecured Senior Notes | |||||||||||||||||||||||
4.40% notes issued at discount to par at a price of 99.905% | September 2025 | October 2030 | $ | 850 | $ | — | |||||||||||||||||
4.15% notes issued at discount to par at a price of 99.964% | September 2025 | September 2028 | 850 | — | |||||||||||||||||||
4.05% notes issued at discount to par at a price of 99.949% | September 2025 | September 2027 | 900 | — | |||||||||||||||||||
Floating rate notes issued at par | September 2025 | September 2028 | 300 | — | |||||||||||||||||||
4.45% notes issued at discount to par at a price of 99.996% | September 2024 | September 2026 | 1,250 | 1,250 | |||||||||||||||||||
4.40% notes issued at discount to par at a price of 99.953% | September 2024 | September 2027 | 1,250 | 1,250 | |||||||||||||||||||
4.55% notes issued at discount to par at a price of 99.894% | September 2024 | October 2029 | 1,750 | 1,750 | |||||||||||||||||||
4.85% notes issued at discount to par at a price of 99.908% | September 2024 | October 2031 | 1,250 | 1,250 | |||||||||||||||||||
5.00% notes issued at discount to par at a price of 99.078% | September 2024 | October 2034 | 2,000 | 2,000 | |||||||||||||||||||
5.60% notes issued at discount to par at a price of 98.086% | September 2024 | October 2054 | 1,500 | 1,500 | |||||||||||||||||||
5.25% notes issued at discount to par at a price of 99.887% | June 2023 | July 2028 | 550 | 550 | |||||||||||||||||||
1.75% notes issued at discount to par at a price of 99.820% | July 2020 | April 2026 | 750 | 750 | |||||||||||||||||||
4.90% notes issued at discount to par at a price of 99.725% | October 2015 | October 2025 | — | 2,500 | |||||||||||||||||||
6.20% notes issued at discount to par at a price of 99.942% | October 2015 | October 2035 | 750 | 750 | |||||||||||||||||||
6.35% notes issued at discount to par at a price of 99.932% | October 2015 | October 2045 | 1,500 | 1,500 | |||||||||||||||||||
1.20% Juniper Global Notes assumed | December 2025 | 400 | — | ||||||||||||||||||||
3.75% Juniper Global Notes assumed | August 2029 | 500 | — | ||||||||||||||||||||
2.00% Juniper Global Notes assumed | September 2030 | 400 | — | ||||||||||||||||||||
5.95% Juniper Global Notes assumed | March 2041 | 400 | — | ||||||||||||||||||||
Asset-Backed Debt Securities | |||||||||||||||||||||||
$660 issued in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 4.31% | October 2025 | Stated final maturity date of May 2033 | 660 | — | |||||||||||||||||||
$900 issued in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 4.67% | July 2025 | Stated final maturity date of March 2033 | 812 | — | |||||||||||||||||||
$818 issued in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 5.59% | June 2024 | Stated final maturity date of April 2032 | 441 | 700 | |||||||||||||||||||
$796 issued in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 5.48% | January 2024 | Stated final maturity date of November 2031 | 326 | 583 | |||||||||||||||||||
$612 issued in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 6.40% | September 2023 | Stated final maturity date of July 2031 | 172 | 373 | |||||||||||||||||||
$643 issued in five tranches at a weighted average price of 99.99% and a weighted average interest rate of 5.59% | March-April 2023 | Stated final maturity date of April 2028 | 40 | 257 | |||||||||||||||||||
$651 issued in five tranches at a weighted average price of 99.99% and a weighted average interest rate of 5.55% | October 2022 | Stated final maturity date of August 2029 | 1 | 191 | |||||||||||||||||||
$747 issued in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 3.68% | May 2022 | Stated final maturity date of March 2030 | — | 148 | |||||||||||||||||||
$1,000 issued in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 1.51% | January 2022 | Stated final maturity date of November 2029 | — | 124 | |||||||||||||||||||
$753 issued in six tranches at a weighted average price of 99.99% and a weighted average interest rate of 0.58% | June 2021 | Stated final maturity date of March 2029 | — | 26 | |||||||||||||||||||
Others | |||||||||||||||||||||||
Term Loan at Term Benchmark Rate | July 2025 | June 2028 | 2,000 | — | |||||||||||||||||||
Other, including finance lease obligations, at 1.6%-6.3%, due in calendar years 2025-2030(1) | 146 | 208 | |||||||||||||||||||||
Total | 21,748 | 17,660 | |||||||||||||||||||||
| Unamortized premium/discount, issuance costs and other | (196) | (187) | |||||||||||||||||||||
| Less: current portion | (3,796) | (3,969) | |||||||||||||||||||||
| Total long-term debt | $ | 17,756 | $ | 13,504 | |||||||||||||||||||
(1)Other, including finance lease obligations included $4 million and $14 million as of October 31, 2025 and 2024, respectively, of borrowing- and funding-related activity associated with FS and its subsidiaries that are collateralized by receivables and underlying assets associated with the related finance and operating leases. For both the periods presented, the carrying amount of the assets approximated the carrying amount of the borrowings.
Interest is payable semi-annually on fixed rate Unsecured Senior Notes, quarterly on floating rate Unsecured Senior Notes and monthly on Asset-Backed Debt Securities and Term Loan.
Interest expense on borrowings recognized in the Consolidated Statements of Earnings was as follows:
| For the fiscal years ended October 31, | |||||||||||||||||||||||
| Location | 2025 | 2024 | 2023 | ||||||||||||||||||||
| In millions | |||||||||||||||||||||||
| Financing interest | Financing cost | $ | 500 | $ | 495 | $ | 383 | ||||||||||||||||
| Interest expense | Interest and other, net | 598 | 282 | 326 | |||||||||||||||||||
| Total interest expense | $ | 1,098 | $ | 777 | $ | 709 | |||||||||||||||||
As disclosed in Note 13, “Financial Instruments,” the Company used interest rate swaps to mitigate the exposure of its fixed rate debt to changes in fair value resulting from changes in interest rates, or hedge the variability of cash flows in the interest payments associated with its variable-rate debt. Interest rates on long-term debt in the table above have not been adjusted to reflect the impact of any interest rate swaps.
Commercial Paper
Hewlett Packard Enterprise maintains two commercial paper programs, “the Parent Programs”, and a wholly-owned subsidiary maintains a third program. The Parent Program in the U.S. provides for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregate principal amount of $4.75 billion. The Parent Program outside the U.S. provides for the issuance of commercial paper 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 two programs at any one time cannot exceed the $4.75 billion as authorized by Hewlett Packard Enterprise's Board of Directors. In addition, the Hewlett Packard Enterprise subsidiary's euro Commercial Paper/Certificate of Deposit Program provides for the issuance of commercial paper in various currencies of up to a maximum aggregate principal amount of $1.0 billion. As of October 31, 2025 and 2024, no borrowings were outstanding under the Parent Programs. As of October 31, 2025 and 2024, $681 million and $649 million, respectively, were outstanding under the subsidiary’s program.
Revolving Credit Facility
In September 2024, the Company terminated its prior senior unsecured revolving credit facility that was entered into in December 2021, and entered into a new senior unsecured revolving credit facility with an aggregate lending commitment of $5.25 billion for a period of five years. The commitment initially comprised of (i) $4.75 billion of commitments available immediately and (ii) $500 million of commitments available from and subject to the closing of the Merger and refinancing of Juniper Networks’ credit agreement in connection with the closing of such acquisition. With the completion of the acquisition and the associated refinancing, the full $5.25 billion commitment under the new facility is now available to the Company. As of October 31, 2025 and 2024, no borrowings were outstanding under this credit facility.
Uncommitted Credit Facility
The Company maintains an uncommitted short-term advance facility with Societe Generale that was entered into in September 2023 with a principal amount of $500 million for a period of 5 years. As of October 31, 2025 and 2024, no borrowings were outstanding under this credit facility.
Juniper Networks Acquisition Financing
In September 2024, the Company entered into term loan agreements with JPMorgan Chase Bank, N.A, Citibank, N.A., and Mizuho Bank, Ltd. for approximately $12.0 billion of senior unsecured delayed draw term loan facilities, comprised of an approximately $9.0 billion 364-day tranche and a $3.0 billion three-year tranche, subject to customary conditions. The Company has since further reduced the commitments under the 364-day term loan to $1.0 billion.
HPE funded the aggregate consideration for the Merger through a combination of cash from its balance sheet, commercial paper issuances, and borrowings pursuant to the aforementioned three-year delayed-draw term loan credit facility of $3.0 billion and the 364-day delayed-draw term loan credit facility of $1.0 billion. Under both loans, interest was initially calculated using the Alternate Base Rate until July 8, 2025 with payment due in September 2025. Thereafter, the rate
transitioned to the Term Benchmark Rate (defined as Adjusted Term SOFR plus the Applicable Rate), payable monthly in accordance with the terms of both credit agreements.
The 364-day loan, which was originally scheduled for full repayment on July 1, 2026, was fully repaid in September 2025.
The three-year loan was subject to quarterly amortization at 1.25%, with the remaining balance due at maturity on June 30, 2028. In October 2025, the Company repaid $1.0 billion against the $3.0 billion previously borrowed under this agreement. On November 21, 2025, the Company amended the three-year delayed-draw term loan agreement that was entered into in September 2024. Under such amendment, the $1.0 billion of prepayment made in October 2025, along with any subsequent prepayments, will be applied toward the remaining scheduled amortization payments due on the loan, either as directed by the Company or, if no direction is provided, in order of maturity. As a result of the amendment, subsequent to October 31, 2025, the $1.0 billion of prepayment has been applied to a portion of the outstanding borrowed amount and all scheduled amortization payments until the maturity of the borrowings, as provided for in the term loan agreement (including the annual amortization payments of $150 million in each of fiscal 2026 and fiscal 2027, which are included in the fiscal 2026 and fiscal 2027 amounts shown in the below table). The remaining total amount of outstanding borrowings is $2.0 billion, which matures in fiscal 2028.
Future Maturities of Borrowings
As of October 31, 2025, aggregate future maturities of the Company's borrowings at face value:
| Fiscal Year | In millions | ||||
| 2026 | $ | 3,804 | |||
| 2027 | 3,136 | ||||
| 2028 | 3,778 | ||||
| 2029 | 2,376 | ||||
| 2030 | 404 | ||||
| Thereafter | 8,250 | ||||
| Total | $ | 21,748 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 18, 2025 | Showing above |
| 2024 | Dec 19, 2024 | |
| 2023 | Dec 22, 2023 | |
| 2022 | Dec 8, 2022 | |
| 2021 | Dec 10, 2021 | |
| 2020 | Dec 10, 2020 | |
| 2019 | Dec 13, 2019 | |
| 2018 | Dec 12, 2018 | |
| 2017 | Dec 15, 2017 | |
| 2016 | Dec 15, 2016 | |
| 2015 | Dec 17, 2015 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.