Press release
Seagate Announces Pricing of $1 Billion of Senior Unsecured Notes
FREMONT, Calif.--(BUSINESS WIRE)-- Seagate HDD Cayman (the “Company”), a subsidiary of Seagate Technology Holdings plc (NASDAQ: STX) (“Seagate”), announced
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) (“Seagate”), announced that it priced its earlier announced offering of $500 million aggregate principal amount of senior notes due 2029 (the “2029 Notes”) and $500 million aggregate principal amount of senior notes due 2031 (the “2031 Notes” and, together with the 2029 Notes, the “Notes”). The 2029 Notes were priced at 100% of the aggregate principal amount and will bear interest at a rate of 8.25% per annum. The 2031 Notes were priced at 100% of the aggregate principal amount and will bear interest at a rate of 8.50% per annum. The Notes will be guaranteed by Seagate and Seagate Technology Unlimited Company.\n\n\nThe Notes are being sold in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and in offshore transactions under Regulation S under the Securities Act. The sale of the Notes is expected to close on May 30, 2023, subject to customary closing conditions.\n\n\nThe Company intends to use the net proceeds from the offering of the Notes to redeem in full its 4.875% Senior Notes due 2024 promptly following the offering, to repay $450.0 million in aggregate principal amount of the term loans outstanding under its credit agreement and for general corporate purposes, which may include repayment of other outstanding indebtedness, capital expenditures and other investments in the business.\n\n\nThis press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Notes to be offered have not been and will not be registered under the Securities Act, or applicable state securities laws, and may not be offered or sold in the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.\n\n\nAbout Seagate\n\n\nSeagate Technology crafts the sustainable datasphere, helping to maximize humanity’...