Seagate Technology Announces Offering of $430 Million of Senior Secured Second-Priority Notes
13 Aprile 2009 - 1:59PM
PR Newswire (US)
SCOTTS VALLEY, Calif., April 13 /PRNewswire-FirstCall/ -- Seagate
Technology (NASDAQ:STX) today announced that it intends, subject to
market and other conditions, to offer $430 million aggregate
principal amount of senior secured second-priority notes due 2014
(the "Notes") in a private placement. The Notes are expected to be
issued by Seagate Technology International, an indirect
wholly-owned subsidiary of Seagate Technology, and guaranteed by
Seagate Technology, Seagate Technology HDD Holdings and all of
Seagate Technology's subsidiaries that guarantee its senior secured
credit facility, on a full and unconditional basis and secured by a
second-priority lien on the assets that secure the senior secured
credit facility. Seagate intends to use the net proceeds from the
offering for general corporate purposes, including the repayment or
repurchase of all or some of its $300 million aggregate principal
amount of floating rate senior notes due October 1, 2009 and other
indebtedness. This press release does not constitute an offer to
sell or the solicitation of an offer to buy the Notes nor shall
there be any sale of the Notes in any state in which such offer,
solicitation or sale would be unlawful. The Notes to be offered
have not been and will not be registered under the Securities Act
of 1933, as amended (the "Securities Act"), or applicable state
securities laws, and may not be offered or sold in the United
States absent registration or pursuant to an applicable exemption
from the registration requirements of the Securities Act and
applicable state securities laws. Cautionary Note Regarding
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements include, but are
not limited to, statements related to the proposed offering of the
Notes and the anticipated use of proceeds therefrom. These
forward-looking statements are based on information available to
Seagate as of the date of this press release. Current expectations,
forecasts and assumptions involve a number of risks and
uncertainties that could cause actual results to differ materially
from those anticipated by these forward-looking statements. Such
risks and uncertainties include a variety of factors, some of which
are beyond the company's control. In particular, such risks and
uncertainties include the impact of conditions in the credit
markets generally and, in particular, for companies in the markets
in which Seagate operates, and uncertainty in global economic
conditions, which pose a risk to the overall economy as consumers
and businesses may defer purchases in response to tighter credit
and negative financial news. Information concerning additional
factors that could cause results to differ materially from those
projected in the forward-looking statements is contained in
Seagate's Quarterly Report on Form 10-Q as filed with the U.S.
Securities and Exchange Commission (the "SEC") on February 10, 2009
and Seagate's Annual Report on Form 10-K as filed with the SEC on
August 13, 2008. These forward-looking statements should not be
relied upon as representing Seagate's views as of any subsequent
date and Seagate undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made. DATASOURCE: Seagate Technology CONTACT: Brian Ziel,
Media Relations, +1-831-439-5429, , or Rod Cooper, Investor
Relations, +1-831-439-2371, , both of Seagate Technology Web Site:
http://www.seagate.com/
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