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Seagate Technology PLC Announces Pricing Of Senior Notes Offering


Wednesday, 15 May 2013 05:45pm EDT 

Seagate Technology PLC announced the pricing of its previously announced offering of $1.0 billion aggregate principal amount senior notes due 2023. The Notes were priced at 100% of the aggregate principal amount and will bear interest at a rate of 4.75% per annum. The Notes will be issued by Seagate HDD Cayman, an indirect wholly-owned subsidiary of Seagate Technology plc, and guaranteed by Seagate Technology plc. The Notes are being sold in a private placement to qualified institutional buyers pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The sale of the Notes is expected to close on May 22, 2013, subject to customary closing conditions. Seagate estimates that the net proceeds from the offering will be approximately $987 million after deducting discounts and estimated offering expenses. 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.