On May 24, 2023, Seagate HDD Cayman, a subsidiary of Seagate Technology Holdings plc, priced an offering of $500 million in aggregate principal amount of its 8.25 percent senior notes due 2029 and $500 million in aggregate principal amount of its 8.50 percent senior notes due 2031. The sale of the notes closed on May 30, 2023. Seagate intends to use a portion of the net proceeds from the sale of the notes to redeem in full its 4.875 percent 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.

The Wilson Sonsini Goodrich & Rosati team representing Seagate includes corporate partners Lisa Stimmell and Lauren Lichtblau; corporate associate Avery Minor; corporate finance partner Erik Franks; and corporate finance associates Alex Weber and Ryan Isola.

For more information, please see Seagate’s press release.