Press release
Seagate Announces Exchange Offers for Certain Outstanding Debt Securities
FREMONT, Calif.--(BUSINESS WIRE)-- Seagate HDD Cayman (the “Company”), a subsidiary of Seagate Technology Holdings plc (NASDAQ: STX), today announced the
About this update from Seagate Technology Holdings Plc
[{"type":"text","content":" FREMONT, Calif.--(BUSINESS WIRE)--\nSeagate HDD Cayman (the “Company”), a subsidiary of Seagate Technology Holdings plc (NASDAQ: STX), today announced the commencement of exchange offers (each, an “Exchange Offer” and together, the “Exchange Offers”) to certain eligible holders of the Company’s outstanding debt securities listed in the table below (together, the “Existing Notes” and each a “series” of Existing Notes) to exchange Existing Notes for up to $500 million in aggregate principal amount of the Company’s 9.625% Senior Notes due 2032 (the “New Notes”). The complete terms of the New Notes are set forth in a confidential offering memorandum, dated today (the “Offering Memorandum”), and the related letter of transmittal, dated today (together with the Offering Memorandum, the “Offering Documents”).\n\nThe aggregate principal amount of New Notes to be issued pursuant to the Exchange Offers will be subject to (i) a minimum amount of $300,000,000 (the “New Notes Issuance Minimum”) and (ii) a maximum amount of $500,000,000 (the “New Notes Issuance Limit”). In addition, the principal amount of each series of Existing Notes that is accepted pursuant to the Exchange Offers will be subject to the “Acceptance Priority Level” (in numerical priority order), as set forth in the table below and as further described in the Offering Documents.\n\nThe following table sets forth certain information regarding the Exchange Offers:\n\n\n\nCUSIP Numbers/ISIN\n\n\n\n \n\n\nExisting Notes\n\n\n\nPrincipal Amount\nOutstanding\n\n\n\nAcceptance Priority\nLevel(1)(2)\n\n\n\nExchange Consideration(3)\n\n\n\nEarly Exchange\nPremium(3)(4)\n\n\n\nTotal Early Exchange\nConsideration(3)\n\n\n\n\n\n81180WBE0/\nUS81180WBE03\n\n\n\n3.375% Senior Notes\ndue 2031\n\n\n\n$500,000,000\n\n\n\n1\n\n\n\n$715 principal amount of\nNew Notes for each $1,000\nprincipal amount exchanged\n\n\n\n$50 principal amount of\nNew Notes for each $1,000\nprincipal amount exchanged\n\n\n\n$765 principal amount of\nNew Notes for each $1,000\nprincipal amount exchanged\n\n\n\n\n\n81180WBF7/\nUS81180WBF77\n\n\n\n3.125% Senior Notes\ndue 2029\n\n\n\n$500,000,000\n\n\n\n2\n\n\n\n$730 principal amount of\nNew Notes for each $1,000\nprincipal amount exchanged\n\n\n\n$50 principal amount of\nNew Notes for each $1,000\nprincipal amount exchanged\n\n\n\n$780 principal amount of\nNew Notes f...