Seagate Plans To Offer $300 Mln Notes, To Redeem Remaining 6.800% Notes Due 2016

(RTTNews) - Computer storage device maker Seagate Technology plc (STX) Monday said it intends to offer up to $300 million aggregate principal amount of senior notes in a private placement.

The Notes are expected to be issued by Seagate HDD Cayman, an indirect wholly owned subsidiary of Seagate Technology and guaranteed by Seagate.

Seagate also announced that HDD Cayman intends to redeem all of its remaining and outstanding 6.800% Senior Notes due 2016. As of the date hereof, the outstanding principal amount of the 2016 Notes is $324 million.

HDD Cayman intends to use the net proceeds from the offering, along with available cash, to fund the redemption of all of its remaining outstanding 6.800% Senior Notes due 2016.