Seagate Technology Announces Pricing of Senior Notes Offering
15 Maggio 2013 - 11:45PM
Business Wire
Seagate Technology plc (NASDAQ: STX) today announced the pricing
of its previously announced offering of $1.0 billion aggregate
principal amount senior notes due 2023 (the “Notes”). The Notes
were priced at 100% of the aggregate principal amount and will bear
interest at a rate of 4.75% per annum. The Notes will be issued by
Seagate HDD Cayman, an indirect wholly-owned subsidiary of Seagate
Technology plc, and guaranteed by Seagate Technology plc.
The Notes are being sold in a private placement to qualified
institutional buyers pursuant to Rule 144A and Regulation S under
the Securities Act of 1933, as amended (the “Securities Act”). The
sale of the Notes is expected to close on May 22, 2013, subject to
customary closing conditions.
Seagate estimates that the net proceeds from the offering will
be approximately $987 million after deducting discounts and
estimated offering expenses.
Seagate intends to use the net proceeds from the offering of the
Notes to replenish cash associated with the recent redemption of
the 10% Senior Secured Notes, to retire up to an aggregate amount
of $250 million of outstanding senior notes, and for general
corporate purposes, which may include, but are not limited to,
capital expenditures and other investments in the business, and
other repurchases of indebtedness.
About Seagate
Seagate is a world leader in hard disk drives and storage
solutions.
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, 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 of 1933
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 of 1933 and
Section 21E of the Securities Exchange Act of 1934, each as
amended, including, in particular, statements about our plans,
strategies and prospects and estimates of industry growth for the
fiscal quarter ending June 28, 2013 and beyond. These statements
identify prospective information and include words such as
“expects,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “projects” and similar expressions. These
forward-looking statements are based on information available to
the Company as of the date of this press release and are based on
management’s current views and assumptions. These forward-looking
statements are conditioned upon and also involve a number of known
and unknown risks, uncertainties, and other factors that could
cause actual results, performance or events to differ materially
from those anticipated by these forward-looking statements. Such
risks, uncertainties, and other factors may be beyond the Company’s
control and may pose a risk to the Company’s operating and
financial condition. Such risks and uncertainties include, but are
not limited to: the uncertainty in global economic conditions, as
consumers and businesses may defer purchases in response to tighter
credit and financial news; the impact of the variable demand and
adverse pricing environment for disk drives, particularly in view
of current business and economic conditions; dependence on the
Company’s ability to successfully qualify, manufacture and sell its
disk drive products in increasing volumes on a cost-effective basis
and with acceptable quality, particularly the new disk drive
products with lower cost structures; the impact of competitive
product announcements; possible excess industry supply with respect
to particular disk drive products; and the Company’s ability to
achieve projected cost savings in connection with restructuring
plans. Information concerning risks, uncertainties and other
factors that could cause results to differ materially from those
projected in the forward-looking statements is contained in the
Company’s Quarterly Reports on Form 10-Q filed with the U.S.
Securities and Exchange Commission (the “SEC”) on October 31, 2012,
January 29, 2013 and May 1, 2013, Amendment No. 1 to our Quarterly
Report on Form 10-Q filed with the SEC on January 31, 2013 and our
Annual Report on Form 10-K filed with the SEC on August 8, 2012,
which statements are incorporated into this press release by
reference. These forward-looking statements should not be relied
upon as representing the Company’s views as of any subsequent date
and the Company undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made.
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