Seagate Technology Announces Successful Completion of Cash Tender Offer for Outstanding 7.75% Senior Notes Due 2018 & 6.80% S...
14 Giugno 2013 - 10:45PM
Business Wire
Seagate Technology plc (NASDAQ: STX) gave notice of the
completion of the cash tender offer by its wholly owned subsidiary,
Seagate HDD Cayman (“HDD Cayman”), previously announced on May 16,
2013 (the “Tender Offer”), to purchase up to an aggregate combined
principal amount of $700 million (the “Maximum Tender Amount”) of
the outstanding 7.75% Senior Notes due 2018, CUSIP number 81180WAE1
(the “2018 Notes”), and 6.800% Senior Notes due 2016, CUSIP number
81180RAE2 (the “2016 Notes” and, together with the 2018 Notes, the
“Notes”). The Tender Offer expired at 11:59 p.m., New York City
time, on June 13, 2013.
As of the expiration of the Tender Offer, HDD Cayman had
received tenders for an aggregate principal amount of approximately
$435 million of the 2018 Notes and an aggregate principal amount of
approximately $307 million of the 2016 Notes. Because the aggregate
combined principal amount of Notes validly tendered (and not
validly withdrawn) pursuant to the Tender Offer exceeds the Maximum
Tender Amount, the Notes accepted for purchase are subject to
proration based on the Acceptance Priority Levels and proration
procedures described in the Offer to Purchase. As a result, HDD
Cayman has accepted for purchase all of the 2018 Notes validly
tendered (and not validly withdrawn), or approximately $435 million
aggregate principal amount of 2018 Notes, and approximately $265
million aggregate principal amount of the 2016 Notes validly
tendered (and not validly withdrawn). HDD Cayman will pay a tender
offer price of $1,137.50 per $1,000 principal amount of 2018 Notes
and $1,162.50 per $1,000 principal amount of 2016 Notes. All Notes
accepted for payment will also receive accrued and unpaid interest
from the last interest payment date to, but not including, the
payment date.
Morgan Stanley & Co. LLC acted as the sole dealer manager
(the “Dealer Manager”) for the Tender Offer and Global Bondholder
Services Corporation acted as depositary and information agent for
the Tender Offer.
None of Seagate Technology plc, HDD Cayman or their affiliates,
their boards of directors, the Dealer Manager, the depositary and
information agent or the trustees for the notes, made any
recommendation as to whether holders of the notes should tender or
refrain from tendering the notes. This press release is neither an
offer to purchase nor a solicitation of an offer to sell the notes
or any other securities. The Tender Offer was made only by the
Offer to Purchase, dated May 16, 2013, and the accompanying Letter
of Transmittal, each as amended by Seagate’s press release, dated
May 31, 2013.
About Seagate Technology plc
Seagate Technology plc is a world leader in hard disk drives and
storage solutions.
Seagate Technology plcBrian Ziel,
408-658-1540brian.ziel@seagate.com
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