Seagate: Pricing of $1.25 Billion of Senior Unsecured Notes Offering

Seagate Technology plc priced its previously announced offering of $750 million aggregate principal amount of senior notes due 2022 and $500 million aggregate principal amount of senior notes due 2024 and, together with the 2022 notes.

The 2022 notes were priced at 99.770% of the aggregate principal amount and will bear interest at a rate of 4.25% per annum. The 2024 notes were priced at 99.328% of the aggregate principal amount and will bear interest at a rate of 4.875% per annum.

The notes will be issued by Seagate HDD Cayman, an indirect wholly-owned subsidiary of Seagate, and guaranteed by Seagate.

The notes are being sold in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and in offshore transactions under Regulation S under the Securities Act.

The sale of the notes is expected to close on February 3, 2017, subject to customary closing conditions.

HDD Cayman intends to use the net proceeds from the offering of the notes for general corporate purposes, which may include repayment of the outstanding 3.75% senior notes due 2018 and repayment of other outstanding indebtedness, capital expenditures and other investments in the business.