Seagate Announces Pricing Of Upsized Senior Notes Offering

(RTTNews) - Seagate Technology plc (STX) said Monday that it has increased the size of its previously announced offering of $300 million aggregate principal amount of senior notes due 2034 to $500 million.

The Notes were priced at 99.706% of the aggregate principal amount and will bear interest at a rate of 5.75% 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.

Seagate estimates that the net proceeds from the offering will be about $492 million after deducting underwriting discounts and estimated offering expenses.

HDD Cayman plans to use the net proceeds from the offering for general corporate purposes, which may include, but are not limited to, the retirement of a portion of its existing indebtedness, capital expenditures and other investments in the business.