Seagate Announces Offering of Senior Unsecured Notes
May 23 2023 - 7:31AM
Business Wire
Seagate HDD Cayman (the “Company”), a
subsidiary of Seagate Technology Holdings plc (NASDAQ: STX)
(“Seagate”), today announced that it intends, subject to market and
other conditions, to offer up to a combined $1 billion in aggregate
principal amount of senior notes due 2029 (the “2029 Notes”) and
senior notes due 2031 (the “2031 Notes” and, together with the 2029
Notes, the “Notes”) in a private placement to persons reasonably
believed to be 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 Notes are expected to be guaranteed by Seagate
and Seagate Technology Unlimited Company.
The Company intends to use the net proceeds from the offering of
the Notes to redeem in full its 4.875% Senior Notes due 2024
promptly following the offering, to repay $450.0 million in
aggregate principal amount of the term loans outstanding under its
credit agreement and for general corporate purposes, which may
include repayment of other outstanding indebtedness, capital
expenditures and other investments in the business.
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
except 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.
About Seagate
Seagate Technology crafts the sustainable datasphere, helping to
maximize humanity’s potential by innovating world-class,
precision-engineered mass-data storage and management solutions
with a focus on deep-rooted partnerships. A global technology
leader for nearly 45 years, the company has shipped over four
billion terabytes of data capacity.
©2023 Seagate Technology LLC. All rights reserved. Seagate,
Seagate Technology, and the Spiral logo are registered trademarks
of Seagate Technology LLC in the United States and/or other
countries.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements provide current expectations of
future events based on certain assumptions and include any
statement that does not directly relate to any historical fact.
Forward-looking statements include, among other things, statements
about the terms and conditions of, and completion of, the offering
of the Notes and the use of proceeds therefrom, each as described
above. The Company cannot assure that the offering will be
consummated, nor can it guarantee the size or terms of the
offering. Forward-looking statements generally can be identified by
words such as “expects,” “intends,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “projects,” “should,” “may,”
“will,” “will continue,” “can,” “could” or the negative of these
words, variations of these words and comparable terminology, in
each case, intended to refer to future events or circumstances.
However, the absence of these words or similar expressions does not
mean that a statement is not forward-looking. Forward-looking
statements are subject to various uncertainties and risks that
could cause the Company’s actual results to differ materially from
historical experience and the Company’s present expectations or
projections. These risks and uncertainties include, but are not
limited to, those described under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the Company’s latest periodic report on
Form 10-Q or Form 10-K filed with the U.S. Securities and Exchange
Commission. Undue reliance should not be placed on the
forward-looking statements in this press release, which are based
on information available to us on, and which speak only as of, the
date hereof. The Company undertakes no obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, unless required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230522005784/en/
Media Contact: Gregory Belloni (415) 235-9092
gregory.belloni@seagate.com
Investor Relations Contact: Shanye Hudson (510) 661-1600
shanye.hudson@seagate.com
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