Seagate Offers Senior Unsecured Notes

Seagate HDD Cayman, a subsidiary of Seagate Technology plc, intends, subject to market and other conditions, to offer senior notes due 2031 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 notes are expected to be guaranteed by Seagate.

The company intends to use the net proceeds from the offering of the notes, together with cash on hand, to finance the cash consideration it will deliver in connection with concurrent tender offers to purchase for cash up to $225 million in aggregate principal amount of its outstanding 4.750% senior notes due 2023 and up to $275 million in aggregate principal amount of its outstanding 4.250% senior notes due 2022, subject to a maximum aggregate principal amount of $500 million.

Any remaining net proceeds will be used for general corporate purposes, which may include repayment of other outstanding indebtedness, capital expenditures and other investments in the business. The offering of the notes is not contingent on any minimum participation in the tender offers. They are only being made pursuant to a separate offer to purchase and nothing contained herein shall constitute an offer to purchase or the solicitation of an offer to sell the 2022 notes or the 2023 notes.