Seagate Offering $300 Million of Senior Notes …

Seagate Technology plc intends, subject to market and other conditions, 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 plc, and guaranteed by Seagate.

Seagate today further 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. The redemption will be accomplished in accordance with the terms of the Indenture dated as of September 20, 2006, among HDD Cayman, as issuer, the guarantors party thereto, and U.S. Bank National Association, as trustee, relating to the Notes.

Seagate anticipates that the notes will be redeemed on December 24, 2014 at a ‘make-whole’ redemption price, including accrued and unpaid interest, of approximately $362 million, to be calculated in accordance with the Indenture.

The notes will be called for redemption when HDD Cayman delivers a redemption notice to the Trustee, which redemption notice will be sent to holders of the notes in accordance with the requirements of the Indenture.

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.