This excerpt taken from the HPQ 10-Q filed Jun 8, 2006.
Note 16: Subsequent Event
In May 2006, HP filed a shelf registration statement with the SEC for the sale of debt securities, common stock, preferred stock, depositary shares and warrants. On May 23, 2006, HP issued $1.0 billion Floating Rate Global Notes under this registration statement. The Floating Rate Global Notes are senior unsecured debt and bear interest at a floating rate equal to the three-month USD LIBOR plus 0.125% per annum. The Floating Rate Global Notes pay interest quarterly and mature on May 22, 2009. HP may redeem the Floating Rate Global Notes, in whole or in part, at any time after May 22, 2007 at par. HP expects to use the proceeds to repay at maturity the 5.25% Euro Medium-Term Notes due July 2006. The remainder of the net proceeds will be used for general corporate purposes.
The following discussion should be read in conjunction with the Consolidated Condensed Financial Statements and the related notes that appear elsewhere in this document.