… Increased to $500 Million

Seagate Technology plc has increased the size of its previously announced offering of $300 million aggregate principal amount of senior notes due 2034 to $500 million.

The notes were priced at 99.706% of the aggregate principal amount and will bear interest at a rate of 5.75% per annum. The notes will be issued by Seagate HDD Cayman, an indirect wholly-owned subsidiary of Seagate Technology plc, and guaranteed by Seagate.

The notes are being sold in a private placement to qualified institutional buyers pursuant to Rule 144A and Regulation under the Securities Act of 1933, as amended . The sale of the notes is expected to close on December 2, 2014, subject to customary closing conditions.

Seagate estimates that the net proceeds from the offering will be approximately $492 million after deducting underwriting discounts and estimated offering expenses.

HDD Cayman intends to use the net proceeds from the offering for general corporate purposes, which may include, but are not limited to, the retirement of a portion of its existing indebtedness (including funding the redemption of all of its remaining outstanding 6.800% senior notes due 2016), capital expenditures and other investments in the business.