Tuesday, May 20th 2014

Seagate Announces Pricing and Increased Size of Senior Unsecured Notes

Seagate Technology plc (NASDAQ: STX) announced that it has increased the size of its previously announced offering of $500 million aggregate principal amount of senior notes due 2025 (the "Notes") to $1 billion. 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 ("Seagate"), and guaranteed by Seagate.

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 28, 2014, subject to customary closing conditions. Seagate estimates that the net proceeds from the offering will be approximately $987 million after deducting underwriting discounts and estimated offering expenses. Seagate intends to use the net proceeds from the offering of the Notes for general corporate purposes, which may include, but are not limited to, the retirement of a portion of its outstanding indebtedness (including pursuant to the tender offers previously announced by Seagate), capital expenditures and other investments in the business.
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