Seagate to Offer $500 Million of Senior Notes

Seagate Technology LLC intends, subject to market and other conditions, to offer $500 million aggregate principal amount of senior notes due 2020 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 Technology or, following the completion of its pending redomiciliation, Seagate Technology plc on a full and unconditional basis.

In connection with the offering of the Notes, Seagate terminated its $350 million senior secured corporate credit facility as of April 29, 2010. The offering of the Notes and the termination of the Senior Credit Facility are part of Seagate’s efforts to optimize its sources of liquidity.

Seagate intends to use the net proceeds from the offering of the Notes for the redemption, repayment or repurchase of a portion of its outstanding indebtedness and for general corporate purposes.