Seagate Technology Announces Offering of $300 Million of Senior Unsecured Notes & Call for Redemption of the Outstanding 6.80...
24 Novembre 2014 - 1:43PM
Business Wire
Seagate Technology plc (NASDAQ:STX) today announced that it
intends, subject to market and other conditions, to offer up to
$300 million aggregate principal amount of senior notes (the
“Notes”) in a private placement. The Notes are expected to be
issued by Seagate HDD Cayman (“HDD Cayman”), an indirect wholly
owned subsidiary of Seagate Technology plc (“Seagate”), and
guaranteed by Seagate.
Seagate today further announced that HDD Cayman intends to
redeem all of its remaining and outstanding 6.800% Senior Notes due
2016 (the “2016 Notes”). As of the date hereof, the outstanding
principal amount of the 2016 Notes is $324 million. The redemption
will be accomplished in accordance with the terms of the Indenture
dated as of September 20, 2006 (the “Indenture”), among HDD Cayman,
as issuer, the guarantors party thereto, and U.S. Bank National
Association, as trustee (the “Trustee”), relating to the Notes.
Seagate anticipates that the Notes will be redeemed on December 24,
2014 (the “Redemption Date”) at a “make-whole” redemption price,
including accrued and unpaid interest, of approximately $362
million, to be calculated in accordance with the Indenture. The
Notes will be called for redemption when HDD Cayman delivers a
redemption notice to the Trustee, which redemption notice will be
sent to holders of the Notes in accordance with the requirements of
the Indenture.
HDD Cayman intends to use the net proceeds from the offering,
along with available cash, to fund the redemption of all of its
remaining outstanding 6.800% Senior Notes due 2016.
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 (including the 2016
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 the terms and
conditions of, and completion of, the offering of the Notes and the
redemption described above. These statements identify prospective
information and may include words such as “expects,” “intends,”
“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. Information
concerning risks, uncertainties and other factors that could cause
results to differ materially from the expectations described in
this press release is contained in the Company’s Quarterly Report
on Form 10-Q filed with the U.S. Securities and Exchange Commission
(the “SEC”) on October 31, 2014 and the Company’s Annual Report on
Form 10-K filed with the SEC on August 7, 2014, the “Risk Factors”
section of which is 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.
SeagateScott Horn, 408-658-1820scott.horn@seagate.com
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