Seagate Announces Cash Tender Offers for Certain Outstanding Debt Securities

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[{"type":"text","content":" FREMONT, Calif.--(BUSINESS WIRE)--\nSeagate HDD Cayman (the “Company”), a subsidiary of Seagate Technology plc (NASDAQ: STX), today announced the commencement of cash tender offers (each, a “Tender Offer” and together the “Tender Offers”) for (i) up to an aggregate principal amount of $225,000,000 (the “2023 Note Cap”) of its 4.750% Senior Notes due 2023 (the “2023 Notes”) and (ii) up to $275,000,000 in aggregate principal amount (the “2022 Note Cap” and, together with the 2023 Note Cap, the “Tender Caps”) of its 4.250% Senior Notes due 2022 (the “2022 Notes”, and together with the 2023 Notes, the “Notes”, and each a “series” of Notes), up to a maximum aggregate principal amount of $500,000,000 (the “Maximum Tender Amount”), from each registered holder of the Notes (individually, a “Holder” and collectively, the “Holders”). The Tender Offers are being made pursuant to and are subject to the terms and conditions, including a financing condition, set forth in the Offer to Purchase dated June 3, 2020 (the “Offer to Purchase”) and the related Letter of Transmittal (the “Letter of Transmittal”). The purpose of the Tender Offers is to reduce the Company’s refinancing risk by refinancing a portion of the Company’s outstanding Notes with term debt that has a later maturity date. Notes purchased in each Tender Offer will be retired and cancelled. The Company expects to use cash on hand and proceeds from the offering of a new series of senior notes due 2031 to effect the purchase of validly tendered Notes pursuant to the Tender Offers. Such offering will only be made pursuant to a separate confidential offering memorandum and nothing contained herein shall constitute an offer to purchase such notes.\n\n\nThe following table sets forth certain information regarding the Notes and the Tender Offers:\n\n\n\n\nTitle of Security\n\n\n\n\nCUSIP\nNumber\n\n\n\n\nPrincipal\nAmount\nOutstanding\n\n\n\n\nTender Cap\n(Principal\nAmount) (1)\n\n\n\n\nTender Offer\nConsideration\n\n\n\n\nEarly\nTender\nPremium\n(per $1,000)\n\n\n\n\n \n\n\n \n\n\nTotal\nConsideration (2) \n\n\n\n\n\n4.750% Senior\nNotes due 2023\n\n\n\n\n81180WAH4\n\n\n\n\n$723,788,000\n\n\n\n\n$225,000,000\n\n\n\n\n$1,027.50\n\n\n\n\n$50.00\n\n\n\n\n$1,077.50\n\n\n\n\n\n4.250% Senior\nNotes due 2022\n\n\n\n\n81180WAV3\n\n\n\n\n$477,435,000\n\n\n\n\n$275,000,000\n\n\n\n\n$1,000.00\n\n...

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