Seagate Technology Announces Pricing of $1.25 Billion of Senior Unsecured Notes Offering
January 31 2017 - 4:25PM
Business Wire
Seagate Technology plc (NASDAQ:STX) announced that it priced its
previously announced offering of $750 million aggregate principal
amount of senior notes due 2022 (the “2022 Notes”) and $500 million
aggregate principal amount of senior notes due 2024 (the “2024
Notes” and, together with the 2022 Notes, the “Notes”). The 2022
Notes were priced at 99.770% of the aggregate principal amount and
will bear interest at a rate of 4.25% per annum. The 2024 Notes
were priced at 99.328% of the aggregate principal amount and will
bear interest at a rate of 4.875% per annum. The Notes will be
issued by Seagate HDD Cayman (“HDD Cayman”), an indirect wholly
owned subsidiary of Seagate Technology plc (“Seagate”), and
guaranteed by Seagate.
The 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 February 3, 2017, subject to
customary closing conditions.
HDD Cayman intends to use the net proceeds from the offering of
the Notes for general corporate purposes, which may include
repayment of the outstanding 3.75% Senior Notes due 2018 and
repayment of other outstanding indebtedness, capital expenditures
and other investments in the business.
About Seagate
Seagate creates space for the human experience by innovating how
data is stored, shared and used.
Seagate, Seagate Technology and the Seagate logo are trademarks
or registered trademarks of Seagate Technology LLC in the United
States and/or other countries.
This 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
or pursuant to an applicable exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and applicable state securities laws.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, each as
amended, including, in particular, statements about the terms and
conditions of, and completion of, the offering of the Notes
described above. These statements identify prospective information
and may include words such as “expects,” “intends, ““plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “projects,”
“should,” “may,” “will,” or the negative of these words, variations
of these words and comparable terminology. These forward-looking
statements are based on information available to the Company as of
the date of this press release and are based on management’s
current views and assumptions. These forward-looking statements are
conditioned upon and also involve a number of known and unknown
risks, uncertainties, and other factors that could cause actual
results, performance or events to differ materially from those
anticipated by these forward-looking statements. These
forward-looking statements should not be relied upon as
representing the Company’s views as of any subsequent date and the
Company undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made.
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version on businesswire.com: http://www.businesswire.com/news/home/20170131006374/en/
Seagate Technology plcEric DeRitis, 408-658-1561eric.deritis@seagate.com
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