Press release
Seagate Announces Expiration of Early Exchange Period and Upsize of Previously Announced 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 expiration of the early exchange period in connection with its previously announced 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 approximately $750 million (“New Notes Issuance Limit”) in aggregate principal amount of the Company’s 9.625% Senior Notes due 2032 (the “New Notes”). The Company announced that it had increased the previously announced New Notes Issuance Limit from $500 million to approximately $750 million, subject to further increase in its sole discretion. The complete terms and conditions of the New Notes are set forth in a confidential offering memorandum, dated as of November 14, 2022, (the “Offering Memorandum”), and the related letter of transmittal.\n\nIn the Exchange Offers, according to information provided by Global Bondholder Services Corporation, the exchange agent for the Exchange Offers, $1,309,731,000 in aggregate principal amount of the Company’s Existing Notes were validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on November 28, 2022 (the “Early Exchange Date”), as more fully set forth below. The Company has been informed by the exchange agent that the preliminary proration factor for the exchange of 4.125% Senior Notes due 2031 was approximately 63.9%.\n\nThe table below indicates, among other things, the principal amount of each series of Existing Notes validly tendered and not validly withdrawn as of the Early Exchange Date:\n\n\n\nCUSIP Numbers\n\n\n\n \n\n\nExisting Notes\n\n\n\nPrincipal Amount Outstanding\n\n\n\nAcceptance Priority Level (1)\n\n\n\nPrincipal Amount Tendered by the Early Exchange Date\n\n\n\nPrincipal Amount Accepted for Exchange\n\n\n\n\n\n81180WBE0\n\n\n\n3.375% Senior Notes due 2031\n\n\n\n$500,000,000\n\n\n\n1\n\n\n\n$422,908,000\n\n\n\n$422,908,000\n\n\n\n\n\n81180WBF7\n\n\n\n3.125% Senior Notes due 2029\n\n\n\n$500,000,000\n\n\n\n2\n\n\n\n$336,651,000\n\n\n\n$336,651,000\n\n\n\n\n\n81180WBD2\n\n\n\n4.125% Senior Notes due 2031\n\n\n\n$500,00...