Press release
Seagate Announces Pricing of $500 Million of Senior Unsecured Notes
FREMONT, Calif.--(BUSINESS WIRE)-- Seagate HDD Cayman (the “Company”), a subsidiary of Seagate Technology plc (NASDAQ: STX) (“Seagate”), announced that it
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 plc (NASDAQ: STX) (“Seagate”), announced that it priced its earlier announced offering of $500 million aggregate principal amount of senior notes due 2031 (the “Notes”). The Notes were priced at 99.859% of the aggregate principal amount and will bear interest at a rate of 4.125% per annum. The Notes will be guaranteed by Seagate.\n\n\nThe Notes are being sold in a private placement to 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 June 10, 2020, subject to customary closing conditions.\n\n\nThe Company intends to use the net proceeds from the offering of the Notes, together with cash on hand, to finance the cash consideration it will deliver in connection with concurrent tender offers (the “Tender Offers”) to purchase for cash up to $275 million in aggregate principal amount of its outstanding 4.250% Senior Notes due 2022 (“2022 Notes”) and up to $225 million in aggregate principal amount of its outstanding 4.750% Senior Notes due 2023 (“2023 Notes”), subject to a maximum aggregate principal amount of $500 million. Any remaining net proceeds will be used for general corporate purposes, which may include repayment of other outstanding indebtedness, capital expenditures and other investments in the business. The offering of the Notes is not contingent on any minimum participation in the Tender Offers. The Tender Offers are only being made pursuant to a separate offer to purchase and nothing contained herein shall constitute an offer to purchase or the solicitation of an offer to sell the 2022 Notes or the 2023 Notes.\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 e...