Seagate Prices Upsized Senior Notes Offering

(RTTNews) - Seagate Technology plc (STX) said Tuesday that it has increased the size of its previously announced offering of $500 million aggregate principal amount of senior notes due 2025 to $1 billion.

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.

Seagate estimates that the net proceeds from the offering will be about $987 million after deducting underwriting discounts and estimated offering expenses.

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