Seagate Announces Exchange Offers for Certain Outstanding Debt Securities
Seagate HDD Cayman (the “Company”), a subsidiary of Seagate Technology 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 $500,000,000 in aggregate principal amount of the Company’s new senior notes due 2029 (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”).
The aggregate principal amount of New Notes to be issued pursuant to the Exchange Offers will be subject to a maximum amount of up to $500,000,000 in aggregate principal amount (the “New Issue Cap”). 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) and an “Exchange Cap”, each as set forth in the table below and as further described in the Offering Documents.
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The following table sets forth certain information regarding the Notes and the Exchange Offers:
CUSIP Numbers |
Existing Notes |
Principal Amount Outstanding |
Exchange Cap (Principal Amount) |
Acceptance Priority Level(1)(2) |
Reference U.S. Treasury |
Bloomberg Reference Page |
Fixed Spread (bps) |
Early Exchange Premium(3)(4) |
81180WAL5 |
4.750% Senior Notes due 2025 |
$749,996,000 |
$275,000,000 |
1 |
0.250% due May 31, 2025 |
FIT1 |
215 |
$50 |
81180WAR2 |
4.875% Senior Notes |
$690,426,000 |
$300,000,000 |