Seagate Technology Announces Offering of $1.0 Billion of Sen

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Seagate Technology Announces Offering of $1.0 Billion of Senior Notes

CUPERTINO, Calif.--(BUSINESS WIRE)-- Seagate Technology plc (NASDAQ: STX) today announced that it intends, subject to market and other conditions, to offer up to of $1.0 billion aggregate principal amount of senior notes (the “Notes”) in a private placement. The Notes are expected to be issued by Seagate HDD Cayman, an indirect wholly-owned subsidiary of Seagate Technology plc, and guaranteed by Seagate Technology plc.

Seagate intends to use the net proceeds from the offering of the Notes to replenish cash associated with the recent redemption of the 10% Senior Secured Notes, to retire up to an aggregate amount of $250 million of outstanding senior notes, and for general corporate purposes, which may include, but are not limited to, capital expenditures and other investments in the business, and other repurchases of indebtedness.

About Seagate

Seagate is a world leader in hard disk drives and storage solutions.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes nor shall there be any sale of the Notes in any state in which such offer, solicitation or sale would be unlawful. 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 or pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.